For the third quarter running, online stockbrokers in the UK reported a record number of online clients in Q4 2003, but the average number of online trades per client fell, according to statistics from the Association of Private Client Investment Managers and Stockbrokers (Apcims).
According to the research the number of online clients increased to 505,000 at the end of calendar 2003, up from 492,000 in Q3. But there was a reduction in the average number of online trades for each client. Furthermore, online volumes for execution-only trades also reduced in the 4th quarter, while other direct execution business increased.
Overall, the research shows that private client trading volumes fell by seven per cent on the previous quarter, but the total value of shares traded rose by six per cent. Apcims says in spite of the seasonal autumn drop in the number of individual trades, their total value rose by six per cent.
In the New Year, trading volumes began to rise significantly and have now topped 50,000 trades a day, compared to an average 30,000 trades in January 2003.