Introduction & Abbreviations
Introduction
Other Relevant Reports
Definition
Abbreviations & Terms
Abbreviations
Terms

Executive Summary
Rapid Rise In Accounts Level Off
Lost Trust In The System And A Subsequent Sell-Off
Mergers, Acquisitions, And Diversification
Unique Selling Propositions
Age Creates Greatest Divide
Value Of Stocks And Number Of Accounts
Normalized Growth For The Future

Market Drivers
Number Of Internet-Connected Homes Plateaus
Figure 1 U.S. Residential Internet Connections, 1997-2005
Graph 1 U.S. Residential Internet Connections, Dial-Up And High-Speed, 1997-2005
Figure 2 U.S. Internet Households With Broadband Connections, 1997-2005
The Digital Divide
Figure 3 Distribution Of Household Income, 1990-1999
Growth In Trading Choices
Stock Options Infuse Millions Of Dollars And Traders Into The Market
Day Trading As A Profession
Poor Market Conditions And Negative Perceptions
Capital Markets Conditions
Lost Trust In The System And A Subsequent Sell-Off
Internet Security Issues Prevail
Online Trading Complaints Persist
Figure 4 Top Ten Most Frequent Online Trading Complaints Filed With The Sec, 2000
Fees Up As Online Trading Volume Goes Down
Gen Y Comes Into Money Managing Years
Figure 5 American Population Projections, By Age, 1990-2010

Market Size & Trends
Figure 6 Total U.S. Online Trading Accounts, 1997-2002
Figure 7 Online Broker Market Share Of Total Trades, Q2 1999-Q3 2002
Graph 2 Online Broker Market Share Of Total Trades, Q2 1999-Q3 2002

Market Segmentation
Introduction
Multiple Accounts For Millions Of Internet Users
Figure 8 Online Trading Accounts, 2000 & 2002
Full-Service Brokers
Figure 9 Online Trading Accounts, Full-Service Brokerages, 2000 & 2002
Branded Discount Brokers
Figure 10 Online Trading Accounts, Branded Discount Brokerages, 2000 & 2002
Deep Discount Brokers
Figure 11 Online Trading Accounts, Deep Discount Brokers, 2000 & 2002

Supply Structure
Companies And Brands
Figure 12 Total Customer Assets In Online Trading Accounts In The U.S.*, 2000 & 2002
Full-Service Brokerages
Merrill Lynch & Co., Inc.
Charles Schwab Corporation
Fidelity Investments (Fmr Corp.)
Salomon Smith Barney Holdings, Inc. (Division Of Citigroup)
Branded Discount Brokerages
Ameritrade Holding Corporation (Includes Datek)
E*Trade Group, Inc.
Td Waterhouse Group, Inc.
Muriel Siebert
Harrisdirect (Formerly Csfbdirect, Dlj Direct, And Investorline)
Scottrade
Quick & Reilly (Fleetboston Financial)
Deep Discount Online Stock Brokers
Sharebuilder (Netstock Corporation)
Buyandhold Securities Corporation (Division Of Freedom Investments)
Tradestation Securities (Tradestation Group, Inc.)

Advertising & Promotion
Reduced Advertising Budgets In A Sluggish Economy
The Top 5 Online Brokers
Charles Schwab Corporation
Ameritrade Holding Corporation (Includes Datek)
Td Waterhouse Group, Inc.
E*Trade Group, Inc.
Fidelity Investments (Fmr Corp.)

The Consumer
Introduction
Investment Account Types
Figure 13 Investments Owned, April 2002-May 2002
Figure 14 Investments Owned, By Age, April 2001-May 2002
Figure 15 Investments Owned, By Household Income, April 2001-May 2002
Figure 16 Investments Owned, By Race, April 2001-May 2002
American Ownership Of Common Stock
Figure 17 Common Stock Value, April 2001-May 2002
Figure 18 Common Stock Value, By Age, April 2001-May 2002
Figure 19 Common Stock Value, By Income, April 2001-May 2002
Figure 20 Common Stock Value Among Online Traders, April 2001-May 2002
Attitudes, Opinions, And Personal Finance
Figure 21 Perceptions And Feelings On Money Management, April 2001-May 2002
Figure 22 Perceptions/Habits On Personal Spending, April 2001-May 2002
Figure 23 Perceptions/Opinions On Selecting Financial Service, April 2001-May 2002
Online Trading
Online Trading Status
Figure 24 Online Trading Status, August 2002
Figure 25 Online Trading Status, By Gender, August 2002
Figure 26 Online Trading Status, By Age, August 2002
Figure 27 Online Trading Status, By Income, August 2002
Figure 28 Online Trading Status, By Metro Status, August 2002
Number Of Online Trading Accounts
Figure 29 Number Of Online Trading Accounts, By Age, August 2002
Methods Of Online Trading Activity
Figure 30 Methods Of Online Trading Activity, By Age, August 2002
Frequency Of Consulting A Broker Before Online Trading
Figure 31 Frequency Of Broker Consulting Before Trading, By Age, August 2002
Factors In Choosing An Online Brokerage Account
Figure 32 Factors In Choosing An Online Broker, By Age, August 2002
Objectives Of Online Trading
Figure 33 Objectives Of Online Trading, By Age, August 2002
When Respondent Started Online Trading
Figure 34 When Started Online Trading, By Age, August 2002
Websites Used For Financial Information And Advice
Figure 35 Preferred Websites For Financial Information And Advice, By Age, August 2002
Reasons For Not Trading Online
Figure 36 Reasons Not To Trade Securities Online, August 2002
Figure 37 Reasons Not To Trade Securities Online, By Age, August 2002
Figure 38 Reasons Not To Trade Securities Online, By Income, August 2002
Conclusion

Future & Forecast
Future Trends
A Growing Number Of Active Investors
Education, Understanding, And The Futures Markets
Continued Consolidation To Shrink Supply Side Of Business
Account Aggregation And Demographics To Nurture The Market
Broadband Growth To Support Consumer Online Activities
Market Forecast
Figure 39 Forecast Of Total U.S. Online Trading Accounts, 2002-2007
Graph 3 U.S. Online Trading Accounts, 1997-2007
Forecast Factors

Appendix: Comperemedia Direct Mail Images
E*Trade: Delta Skymiles Partnership
Td Waterhouse: "Time To Move Your Investments"
Fidelity Investments: Fidelity Preferred Services
Ameritrade: "Opportunity For Mbna Customers"
Datek: Summary Of Services

Appendix: Trade Associations
Appendix: Research Methodology

Consumer Research Sampling & Weighting
Presentation & Definition
Further Analysis
Trade Research
Informal Trade Research
Formal Trade Research
Desk & Internet Research
Sources
Definitions
Forecasts

Appendix: What Is Mintel?
Mintel Publications
Mintel Services
Product Retrieval
Retail Audits
Tailored Research
Global New Products Database
Comperemedia
Research Support/Consultancy/Mic
The Mintel Information Centre (Mic)
Pr Research