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Schwab cited higher customer trading activity in July for the increase.
This week, Ameritrade Holdings said that it would lay off 230 employees to adjust for a slowing in customer trading.
Schwab said customer trading activity fell for the second consecutive month in February, dropping 31percentt from a year earlier, to 244,600 trades a day.
The quarter that ended in June marked the first in which more than half of Schwab's total customer trading volume -- 52percentt -- was done on line.
Money from customer trading in futures accounts went to a number of other destinations, aside from JPMorgan, including clearinghouses and MF Global's securities customers, the people briefed on the matter have said.
TD Ameritrade, which caters to individual investors, said customer trading volume in S.& P. futures — a bet on the coming day's direction in the market — has more than doubled between 3 and 6 a.m. over the last year.
Similar(44)
A firm may simply be so inept that it keeps losing money on customer trades.
The rest of its trading income comes from hedging and "client facilitation" (taking the other side of customer trades).
By teaming up with ICE, the company would add a much-needed platform to settle customer trades.
Those include settling customer trades, insuring safekeeping of the securities, servicing customer transfers and providing information about the portfolio.
"There were no unusual losses or write-offs, no difficult positions, just generally slower activity and fewer customer trades".
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