19 technology in the news going for brokers along

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Unformatted text preview: ounded “cyberspace” underwriting firms. Until this technological advance, IPO’s had been the preserve of mostly institutional buyers. 24 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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