Online brokerage profits get fleeting boost


With trading volumes soaring, per-share earnings for companies such as TD Ameritrade Holding Corp could rise 55 percent, according to the average forecast from Thomson Reuters I/B/E/S.The companies that should perform best are those that rely most on trading revenue, said Michael Wong, an analyst at Morningstar in Chicago.TD Ameritrade, where last quarter trading revenue made up around 40 percent over overall revenue, would likely fare better than a company such as Charles Schwab Corp, where trading revenue is around 20 percent, Wong said.E*Trade Financial Corp, like TD Ameritrade, is also likely to turn in a strong performance because of its heavy exposure to trading, said Joel Jeffrey, analyst Keefe, Bruyette & Woods in New York.Schwab kicks off the earnings period for the retail brokerages on Monday, followed by E*Trade and Raymond James Financial Inc on Wednesday. TD Ameritrade reports the following week, while Stifel has yet to announce a date for its earnings release.Strong results for brokers would stand in stark contrast to institutional broker-dealers such as Goldman Sachs Group Inc, whose results were likely hurt by market drops. JPMorgan Chase & Co said on Thursday investment banking fees fell 31 percent. Its trading revenue rose because of an accounting quirk.Markets were riled in the quarter ended September 30. Political gridlock over raising the U.S. borrowing limit pushed the United States to the brink of a debt default, the U.S. credit rating was downgraded and the sovereign debt crisis in Europe threatened to send the global economy back into recession.In August, that turmoil prompted TD Ameritrade’s clients to make an average of 484,000 trades per day, well above the usual 380,000 to 400,000 range for that time of year.”Four of our top five trading days in our history were in that month,” TD Ameritrade Chief Executive Fred Tomczyk said at the Reuters Global Wealth Management Summit in New York in early October. “One day we were just under 900,000 trades.”SHORT-TERM PAIN, LONG-TERM GAINWhile trade volume was strong over the course of the third quarter, the two other main revenue sources for retail brokers — fees on assets and interest revenue on client cash — likely suffered as interest rates and markets fell, said Ed Ditmire, an analyst at Macquarie Research in New York.”Overall, two of the three important revenue generators for the brokers were working against them and continue to do so into the fourth quarter,” he said.The near-zero interest rate environment has led some retail brokerages to waive fees on money market funds, which has cost hundreds of millions of dollars.It has also put a big dent in their share prices. A 14 percent drop in U.S. equities in the third quarter, as measured by the S&P 500 index, added to the pain.Schwab’s stock fell over 31 percent in the quarter, while TD Ameritrade was down nearly 25 percent, E*Trade around 34 percent. Raymond James and Stifel, full-service firms with large retail brokerage units, were down around 19 percent and 26 percent, respectively.A meaningful increase in interest rates, not expected any time soon, would be a boon to retail brokerages, especially asset managers such as Schwab, Wong said.As of October 14, analysts polled by Thomson Reuters I/B/E/S were expecting Schwab to have earned 19 cents a share, up from 10 cents a share a year earlier.TD Ameritrade is expected to earn 31 cents a share in its fiscal fourth quarter, compared with 20 cents, and E*Trade is forecast to earn 18 cents a share, compared with 3 cents.Raymond James and Stifel are forecast to earn 55 cents a share and 43 cents a share, compared with 55 cents and 48 cents, respectively.($1=$1.01 Canadian)


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Honey, Forget Homecoming

Attention parents of a girl who is about to turn eighteen—I’ve got a foolproof way to make her want to stay home on Saturday nights rather than inevitably land in the company of boys who want to play Salman Khan to her Juhi Chawla: Get her a brokerage account for her birthday.  The global investment climate is undergoing such great transformation, that she’ll be up late night trying to figure out macroeconomic woes, rather than have a guy named Cole trying to introduce her to Jaegerbombs.

Hanging over the G7 are unhealthy balance sheets that are addicted to debt to fuel entitlements, with no policy remedy to de-lever their economies.  G14 economies conversely have no long term ability to sustain high economic growth while creating new jobs, particularly with developed economies in no condition to absorb more imports.  Jobless college graduates aren’t even able to afford fake Chinese ipods.  That doesn’t bode well for going long on equities anywhere.

Emerging economies have narrowed  income gaps vis-à-vis the west and are attracting massive capital from abroad.  But the resulting surge in inflows has contributed to overheating and too much bad money crowding out good.  Or does anyone think Dubai and Singapore really need more ‘luxury malls?’

These are all structural shifts and will have long term impact in how risk is priced and managed by investors.  Sovereign investments in emerging and developed economies now carry credit, forex, interest rate risk, as well as the risk of being infected by the rot of other asset classes.  In previous years it was accepted that political parties could be counted on to deliver emergency measures to manage crises, but today there is little confidence in public policy’s ability to mount a rescue operation.

So what do you tell your daughter who ditched prom afterparties (thank god) to figure out where to put her $1,000?  You tell her that there are no more shortcuts.  No more throwing money at rapidly growing economies without any diligence expecting quick returns, no jumping at dips without determining if the ‘dip’ is not actually a paradigm shift in the value of the underlying.  That’s does have some upside.  It means the weak money in the market is going to get weeded out.  It means less credit will be available for ridiculous white elephant projects.  It means your daughter will fall asleep against a textbook rather than some blockheaded pillar of testosterone destined to spend his life on his moms couch.

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Brokerage Firm FAQs

What exactly is a brokerage firm? A brokerage firm is really a organization that has the needed legal permissions to indulge in the buying and selling of securities. It also delivers evaluation and advisory solutions to clients.

Who’re employed inside a brokerage company?

A brokerage company hires traders and study analysts to work for them. Traders are authorized to market securities on behalf in the firm and its prospects. Analysis analysts? investigation stocks track firms and present assistance on whether or not to purchase, maintain or offer a particular stock. Most brokerage companies are publicly traded providers that also trade securities for their own earnings.

How does a brokerage company make cash?



A brokerage firm sells its understanding and experience of the securities markets to its clients. They charge fees for acting being an intermediately among the consumers and sellers of securities. They also make capital by way of proprietary investing.

What exactly are the various sorts of brokerage firms?

There are three main kinds of brokerage corporations.

Full service brokerage company provides guidance on expense strategies, analysis and information. Given that these firms present several services, their fees may also be greater.

Discount brokerage company is perfect for a person who is an experienced trader who can make his or her very own decisions. Price reduction brokerage corporations have lower commission expenses than complete assistance brokerage companies.

An introducing brokerage company is 1 that specializes in futures markets and obtain or sell orders on commodities exchanges via established companies that are clearing members of exchanges.

What exactly are the licenses that a broker from any brokerage company needs to possess?

The licensing and instruction requirement for futures brokers is distinctive from that required for licensed stockbrokers. A futures broker wants to have a Series three license, while a Series 7 license is critical for any stockbroker. You will find several brokers which have twin license to ensure that they can offer in both markets.

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