On-line trading volumes have grown 44% in the last six months, to 137,978 per day, according to a report by Piper Jaffray Inc. senior analyst Bill Burnham.

"The firms are generating tremendous volumes, are coming of age, and are getting respect from the financial services industry," said Mr. Burnham. "I think the most significant development is that on-line trading is rapidly becoming an important part of the capital markets."

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