Despite volatile market conditions, European online brokerage growth outpaced the US market in the fourth quarter of 2000, and seems well on the way to attracting more than 10 million traders by the year 2003, according to a recent report by JP Morgan Chase.
According to the findings, although figures were well below the 33% expansion seen in the early part of last year, the number of European online share-dealing accounts rose by 13% to 3.74 million in the final quarter. The US online brokerage market, on the other hand, saw a fourth quarter rise of just 4%, having experienced a more severe slowdown in growth over the previous three quarters.
The report noted that growth had been sustained by existing investors decamping from the traditional brokerages operated by major banks to their online units, in search of easier, more direct access to their assets.
Huw van Steenis, vice-president of JP Morgan's e-finance and financial service strategy department, agreed with this analysis, observing that 'deep pocket' clients seem to be developing a penchant for using technology to tap into the emerging European mutual fund industry in particular. Clients are also becoming increasingly demanding, according to Mr van Steenis, expecting what he calls 'martini finance- access any time, any place, anywhere from any access device.'
Report findings showed that the European market is dominated by German based brokerages, and that German investors account for almost half of all online trading in the region. However, the 10% growth in new clients in Germany fell below the regional average, and was outpaced by the French market, which is the second largest in Europe, and achieved a 17% rise.
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