US share service proves a winner
Commonwealth Securities, the Commonwealth Bank’s stockbroking arm, says it has experienced strong interest in the US share trading service it launched earlier this month.
Director Paul Rickard says interest has largely been in US information technology stocks, including Internet companies. In the future, he expects growing demand for pharmaceutical or biomedical counters.
He says the new service allows customers to diversify into a new market, and to buy into the types of companies not available in Australia.
However, he says it is not for everyone. This is because investors have the added risks of currency fluctuations, and they will have to do their own homework and research.
Commonwealth has put in place a 24-hour client service desk and dedicated phone line, allowing investors to trade while the US markets are open. Internet access should be available by the end of the year.
Brokerage will cost $100 for trades up to $10,000, or 1 per cent for trades above $10,000, making the service attractive to those with less than $20,000 to invest.
Investors can trade any stock listed on the New York Stock Exchange, the NASDAQ and the American Stock Exchange.
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