4.1 Which is the best U.K. broker to use?
A tricky one to answer, as it depends on whether you want an execution-only service (i.e. you tell them what to do), or you want advice as well (they tell you, or at least advise you). The following table is a far from comprehensive list taken from postings on the ESI Bulletin Board. The details shown are liable to change, and so should be taken with a pinch of salt.
NOTE: As of January 1998
| Company/Account Type | T ? | C&N ? | Internet Dealing? | Charges | Comment |
| Skipton Dealwise Execution only (0113) 245 0066 (Dealing Service) (0113) 244 6565 (Membership Details) |
T+20 | Y | N | £15 one-off, same fees for closing deals |
Cyber seems to think charges may be 0.75% on 1st £4000, thereafter 0.1% ? |
| ShareMarket Execution only ? (0161) 237 9443 |
T+10 | ? | ? | Min. £9 up to £1000, only £5 to close |
- |
| StockTrade ESI Nominee and Deposit Service Execution only (0131) 529 0101 |
T+5/10 | Y | Y | £25 fixed charge | Must be in nominee service or hold a deposit account |
| StockTrade Private Client Service Execution only (0131) 529 0101 |
T+5/10 | Y | Y | 0.75%, £15 min. £60 max., no closing comission up to T+3 for deals up to T+10 |
Free nominee service for 10+ trades per year, can settle by DD or SWITCH, deposit account pays 1% below Bank of Scotland base rate. Telephone price quotation, immediate dealing available. |
| StockTrade Active Trader Service Execution only (0131) 529 0101 |
T+25 | Y | Y | 1%, £35 min. £100 max., closing as above for T+10, if over then same charges for closing |
As above, also: Free nominee service for 5+ trades per year. Up to £10,000 credit fefore going to bank for references. Can access market dealers desk directly. Market info. available by 'phone to dealers. |
| Charles Schwab Europe (formerly Sharelink) MarketMaster Execution only (0870) 601 7788 |
T+20 | Y | Y | Min. £15, Max. £50, £0 - 2,500 1%, £2,500 - 5,000 0.75%, 0.1% thereafter. £7.50 to close (normal settlement only) |
No credit given until you have something in your cleared portfolio, then 1 and a half time this as a credit limit. Sharelink got a bad press last year, but appear to have cleaned up their act (a lot!). |
| Charles Schwab Europe (formerly Sharelink) Frequent Traders Club Execution only (0870) 601 7788 |
T+20 | Y | Y | All transactions £19.50, but £60 annual fee | Credit restriction as above. No credit overseas? No facility with on-line dealing form to ask for extended settlement (being looked at?). |
| Branston & Gothard Advisory Service |
? | ? | ? | £30 for Equity transaction, £35 for options. Clearing Fee on options (£2 / contract), BUT also a Compliancy Charge on equities of £6. |
Also used for Traded Options. |
| Yorkshare Execution only |
T+10 | ? | ? | upto £1,450 £14.50, £1,451-2,000 1%, £2,000-4,000 £20 + 0.8% on excess over £2,000, £4,000-20,000 £36 + 0.2% on excess over £4,000, £20,000+ £68 + 0.1% on excess over £20,000. There is a one-off membership fee of less than a tenner. |
Can't seem to close deals early. Can deal immediately and set limits, open for dealing on Sunday, but will not allow limits to be set. Credit up to 50% of cleared portfolio available, cash management account available. |
| NatWest Stockbrokers Execution only |
T+25 | ? | N | Min. £20, £2,000 - 4,000 1%, .1% thereafter. Closing deals £20. |
Don't have to be nominee. Can use any bank account for deals. Satisfactory reference gets credit of £10,000, more with better reference. |
| Lloyds Bank Stockbrokers Execution only |
T+10 | ? | N | ? | Can trade out of hours. Direct debit on current account gives 'unlimited' credit. |
| Options Direct Execution only |
N/A | N/A | N | ? | Has trading account with decent interest. Generally satisfied with service. |
| Hargreaves Lansdown Execution only (0117) 980 9800 |
T+10 | N/A | N | Standard Tariff: Min. £15 1% up to £10,000, 0.5% £10,000 to £20,000, 0.25% thereafter. Privilege Tariff: Min. £10 1% up to £5000, 0.25% thereafer. |
Privilege Tariff for members who receive subscription newsletter. |
(thanks to Lee Jarvis, simon, Baz, Shaun C, DL, Mr. Charts, SteveNZ, Sonia, Cyber and Al)
4.2 What U.S. sites are there for on-line trading?
NOTE: As of November 1997
| Company | Min. Price per Trade |
| American Express Financial | $24.95 |
| Andrew Peck Associates, Inc. | $24.00 |
| Bidwell & Company | $30.00 |
| Bull & Bear Securities | $19.95 |
| CompuTEL Securities | $11.50 |
| CrestarInvest | $40.00 |
| Datek | $ 9.99 |
| Delong, Friedman & Sukenik | $15.00 |
| DLJdirect | $20.00 |
| Dreyfus Brokerage Services, Inc. | $15.00 |
| E*Trade | $14.95 |
| e.Schwab | $29.95 |
| Empire Financial Group,Inc. | $22.00 |
| Fidelity WebXpress | $28.95 |
| Investex Securities Group | $13.95 |
| Jack White & Co. | $33.00 |
| JB Oxford | $15.00 |
| Money Garden Financial Group | $ 5.00 |
| National Discount Brokers | $14.75 |
| Net Investor | $29.00 |
| Pacific Continental/U.S.Invest | $29.50 |
| Professional Discount Securities | $25.00 |
| ProTrade Securities | $ 5.00 |
| Quick & Reilly | $14.95 |
| Scottrade | $ 9.00 |
| Scottsdale Securities | $ 9.00 |
| Stocks 4 Less | $10.00 |
| Tradewell | $22.00 |
| Wall Street Access | $25.00 |
| Wallstreet Electronica | $19.95 |
| Waterhouse Securities | $12.00 |
| Wyse Securities | $ 7.95 |
(thanks to PeeTee)