MutualFundWire.com: Sign On the Dotted Line On-Line
MutualFundWire.com
   The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Wednesday, July 28, 1999

Sign On the Dotted Line On-Line


E*Trade Group (EGRP)-- the number two Internet brokerage -- continues to attempt to leverage the technology available in order to keep up with Charles Schwab (SCH) or make inroads into the number one on-line brokerage's lead. Its newest innovation on-line, that of electronic signatures for brokerage agreements, was made possible with the signature on Tuesday of California Governor Gray Davis, making Senate Bill 1124 a law. While signed in California, the new law applies to online customers in all fifty states.

Related Links
  • E*Trade
    • On MFWire.com
  • E*Trade Introduces Fund Mini-Mart
  • E*Trade Plans Tech Fund
  • E*Trade Adds to Index Family
  • Study Predicts More Full Service Brokerages On-Line
  • Catching Shoppers With "White Label" Funds
  • E*Trade Adds ProFunds to Supermarket
    • The new law enables broker-dealers to recognize contracts with electronic signatures as legally enforceable documents -- E*Trade intends to implement digital signatures for customer account transfers, margin agreements in 1999 and, eventually, real-time account opening.

    "E*Trade worked extremely hard on this bill because of its overwhelming benefits for consumers," said Christos Cotsakos, chairman and chief executive officer of E*Trade, who was on hand for the signing of the bill.

    "With a few keystrokes and mouse clicks, E*Trade customers will soon be able to move their accounts forward in a fraction of the time currently required to manually process forms and contracts," he added. "It's ridiculous for an all-electronic brokerage such as E*Trade to hold its customers hostage to paper. This law validates everything for which E*Trade stands."


    Printed from: MFWire.com/story.asp?s=24464

    Copyright 1999, InvestmentWires, Inc.
    All Rights Reserved
    Back to Top