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Unformatted text preview: ounded “cyberspace” underwriting firms. Until this technological advance, IPO’s had been the preserve of mostly institutional
Union Bank of Switzerland and Swiss Bank Corporation merged in 1998. sau86198_ch01.qxd 4/21/02 8:52 PM Page 19 Chapter 1 Why Are Financial Intermediaries Special? 19 TECHNOLOGY IN THE NEWS
GOING FOR BROKERS
Along with e-mail and pornography, investment is one of the
“natural” uses of the Internet. So thinks Daniel Leemon, chief
strategy officer at Charles Schwab, a San Francisco-based
stockbrokering firm. Schwab should know. It boasts of maintaining the World Wide Web’s largest encrypted site, and of
doing more business over the Internet than any other firm, anywhere. Of its nearly 7 million customer accounts, more than
half are online and “active,” in the sense that the holders have
visited in the past eight months. They contain about a third of
the $700 billion-plus in assets sitting in Schwab accounts. Early
last year, Schwab’s stock...
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- Spring '09