E*TRADE Reports Weak Volumes for July 2018

New York-based firm revealed that Daily Average Revenue Trades (DARTs) were pointed lower, coming in at 250,787 a day.

E*TRADE Financial Corporation (NASDAQ: ETFC) began the third quarter on a weaker ‎note, recording lower volumes despite a steady growth in the number of accounts.

In July 2018, the New York-based firm revealed that Daily Average Revenue Trades (DARTs) were pointed lower, coming in at 250,787 a day, a decrease by 8 percent month-over-month from 273,190 ‎in June 2018. Over a yearly timetable, E*TRADE’s July 2018 DARTs were higher by 20 percent year-over-year, compared to 208,156 in July 2017.

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In terms of E*TRADE’s net new accounts growth, the group added 81,296 gross new brokerage accounts in July 2018, compared to 156,821 set back in June 2018, which reflects a drop by more than 48 percent. ‎However, this figure was better when weighed against last year, as new brokerage accounts rose 30.0 percent from 62,333 in July 2017.

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In total, this brings the company’s overall accounts to approximately 5.86 million in July 2018, which reflected a flat change compared to 5.84 million in the previous month, but it prints a 30 percent increase year-over-year.

Another area of strength for the month was E*TRADE’s brokerage customer assets which rose to $447.9 million last month, up 26 percent year-over-year from $355.3 million in 2017. Meanwhile, the month on month comparison also shows an increase of 2 percent from $440.7 million in December.

Earlier in June, the discount brokerage giant expanded the number of ETFs that customers can access without commissions. E*TRADE has significantly increased its commission-free exchange-traded fund (ETF) lineup, all of which is non-proprietary, with the addition of 46 new funds from six providers.

E*TRADE isn’t the only discount brokerage to offer zero-commission ETFs as the company is tussling with rivals to expand low-cost investment products. Big rivals, including Charles Schwab and TD Ameritrade, also announced recently the expansion of its own similar offerings, increasing the total number of ETFs that don’t have a commission attached to them.

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