E*Trade sees activity pick up in August, DARTs up 2%
Arlington, Virginia based online trading and banking firm E*Trade Financial Corporation (NASDAQ:ETFC) has released its monthly activity report for August 2020, indicating a slight pickup in activity from what was a slow July at E*Trade.
Overall, E*Trade reported that Daily Average Revenue Trades (DARTs) for August were 1,038,000, up 2% from July’s 1,014,000. Derivative DARTs were 286,680, up 5% from July, and represented 28% of overall August trading at E*Trade.
E*Trade also noted that trading volume has increased in September, with DARTs of 1,205,000 and derivative DARTs of 346,000 through September 11, 2020. The company facilitated its highest derivative volume day of all time in September, achieving a record 433,000 derivative DARTs on September 4.
With trading activity on the rise, client margin increased at the company by 10% in August, sitting at $11.0 billion.
E*Trade reported a nice 76% increase in net new retail accounts, 80,507 in August versus 45,842 in July. Net new corporate services accounts, however, slowed somewhat to 17,514 in August down from July’s 22,465.
Total customer assets at E*Trade continued to rise, totaling $949.8 billion as at August 31, up 13% from $840.7 billion in July.
E*Trade’s full monthly activity report for August can be seen here.
E*Trade’s shareholders voted to approve the company’s $12 billion acquisition by Morgan Stanley in July. The company expects the acquisition to close in the fourth quarter of 2020.