is bringing faster and better informational products to their active traders in an equity-only service called the StreetSmart Pro. The service, which will offer improved trading capabilities like direct access next quarter, is aimed at Schwab clients trading more than 120 times a year.
A result of last year's acquisition of CyBerCorp, the service is more of a response to the needs of the all-important active traders requesting better information and more powerful trading functionalities, rather than a corporate strategy aimed at retaining the traders, said a Schwab spokesperson.
"People are no longer listening to their doorman or their cab driver," said the spokesperson. "Our active traders are asking for better information to feel more comfortable with their transactions."
The spokesperson declined to give the specific market size of those eligible for the StreetSmart Pro, but contextualized the move by defining "active trader" as those trading more than 48 times a year. Active traders are responsible for approximately 57% of all the trades, online and off, at Schwab.
A similar pilot program with Schwab Institutional is currently underway.
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