Schwab Allows Trading on Handhelds

Charles Schwab, the premier U.S. discount and Internet brokerage, said Monday it would allow customers to trade stocks via their Palm handhelds usings its PocketBroker service. "This is going to be the year that we'll see whether customers are going to adopt (wireless trading)," said Nasos Topakas, vice president of Schwab's wireless group. Schwab surveyed its customers about three years ago and found little interest in wireless trading, but a late 1999 survey showed strong demand for the service, Topakas added. Schwab's move comes more than a year after Fidelity Investments (and at least several months after other rivals) began offering wireless services.

The service includes access to real-time quotes, market summaries and equity trading, among other trading services. Schwab also plans to offer wireless trading in foreign markets, including Hong Kong, Japan and the United Kingdom. "Unlike the U.S., where access to PCs is nearly ubiquitous, many countries rely much more heavily on wireless technology to provide the backbone for Internet access," said Dawn Lepore, Schwab's chief information officer, in a statement. Schwab said it currently has 3.7 million active online accounts with $418 billion in customer assets.

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