Waterhouse Investor Services, the New York-based brokerage unit of Toronto-Dominion Bank, is putting its stamp on the on-line investing market, according to a recent report.
The Canadian-owned firm is now second only to industry behemoth Charles Schwab & Co., according to a fourth-quarter market share study released by Credit Suisse First Boston last week.
Waterhouse climbed one notch to the second slot during the last quarter of 1998, capturing 12.4% of the on-line market, the study showed.
The Canadian firm now outranks E-Trade Group of Palo Alto, Calif., which slipped into third place, despite increasing its share of the market to 11.8%.
San Francisco-based Charles Schwab remains in the top slot, with 27.4% of on-line investors. However, the study showed that Schwab's market share slipped 2.9% from the previous period.
Fleet Financial Group's Quick & Reilly unit continues to lose ground, the study said. Though the firm remains in eighth position, its market share has slipped to 3.4%, the study found.
Waterhouse increased its hold on the market 4.4% in 1998 from the previous year. However, Quick & Reilly fell from 5% at the end of 1997.
Overall, on-line trading grew by 34% during the fourth quarter, the report concluded. Industry growth was fueled by investors' thirst for Internet stocks, Credit Suisse First Boston said.
