("Schwab To Launch Currency Trading Next Year," published at
9:22 a.m. EDT, incorrectly described the new service. The correct
version follows.)
Charles Schwab Corp. (SCHW) clients will be able to trade
foreign equities in their local currencies starting early next
year, as the San Francisco online brokerage looks to expand its
reach in global markets.
"As our clients continue to take a broader world view with their
portfolios and their long-term goals, we want to be sure they have
a platform that lets them access global markets seamlessly," said
Schwab executive Brian McDonald.
Schwab on Wednesday said it would partner with
securities-processing firm Broadridge Financial Solutions Inc. (BR)
to launch the new service.
The brokerage cited a growing client interest in foreign equity
trading as cause for the launch, which will allow Schwab clients to
access markets like Japan and Australia using currencies like the
Japanese yen and Australian dollar. Last fall, the company
introduced trading in over-the-counter foreign stocks.
The launch comes ahead of Schwab's expected foray into foreign
currency trading. Schwab's acquisition earlier this year of
optionsXpress Holdings Inc. (OXPS), expected to close in the third
quarter, was made in part because of optionXpress's development of
a currency-trading offering.
Shares of Schwab were recently up 2% to $15.74.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com