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Online Trading Soars with Stock Market Decline.(Originated from San Jose Mercury News, Calif.)
Knight Ridder/Tribune Business News, October, 1997 by Wasserman, Elizabeth
Oct. 28--On the day the Dow plunged 550 points and the Nasdaq fell 115, the nascent online brokerage industry suddenly came of age.
"You almost feel guilty," said Christos Cotsakos, president and chief executive officer of ETrade Securities Inc. of Palo Alto. "We had a record trading day. We nearly doubled the average amount of daily transactions we had last quarter."
ETrade processed 45,000 transactions Monday. Such companies as Fidelity Investments, Discover Brokerage Direct, and Charles Schwab & Co. said they also had never before processed so many online trades. The industry has been battling public perceptions that Internet traffic congestion would cause the system to fail in a sell-off, but its systems appear to have handled the dramatic...
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