San Francisco-based financial services giant Charles Schwab Corp today announced the release of new web and mobile trading platforms to customers of its subsidiary optionsXpress.
The new StreetSmart Central and StreetSmart Mobile platforms allow traders of Schwab’s Chicago unit to trade equities, options, futures, and futures options. It also offers advanced options trading capabilities, including contingent orders, as well as offering access to Schwab’s education, research and expert guidance.
OptionsXpress operates as the center for Schwab’s options, futures and foreign exchange activities.
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Back in 2011, Charles Schwab acquired OptionsXpress for about $1 billion, adding the retail options brokerage, which was founded in 2000, to its equity and mutual fund offerings. The acquired entity has given Schwab a leg up in fast-growing foreign exchange and futures trading, diversifying its online platform that now relies heavily on cash equities.
In a parallel announcement, Schwab said that it has completed the integration of optionsXpress accounts, creating a huge player to challenge the status quo in the online brokerage industry. OptionsXpress clients are now fully integrated into the Schwab experience. The move comes after the two firms made sure that the clients’ trading experience is optimized on the Schwab side before bringing the optionsXpress customers over.
By joining forces, customers will get the best of both companies and continue to benefit from the products and features that enable them to gain a competitive edge. A focus on providing superior value at competitive prices will remain a hallmark of the new combined offering.
Barry Metzger, Senior Vice President of Trading Services at Charles Schwab, said: “Our strategy with this integration has been focused on two things: making sure our optionsXpress clients have a seamless transition to Schwab, and building a world-class derivatives trading experience for our clients to round out our trader offering – a unique combination of robust trading platforms, competitive pricing and renowned education and support.”
Mr. Metzger continued: “The innovation that was a hallmark of optionsXpress continued throughout the integration process with the introduction of unique features like the Idea Hub idea generation tool and the popular Walk Limit order type. The result is a powerful new suite of trading platforms that captures the best of what the combined companies have to offer.”