Trading volume jumped in October at both
, following a depressed September.
Schwab said daily average revenue trades were 153,700 in October, up 16% from September but down 1% from a year ago. The company said total client assets were a record $1.02 billion at the end of the month, up 1% from September, while net new assets were $3.9 billion in the month.
Schwab added that daily average revenue trades have been 189,000 in the first eight months of November.
Ameritrade said its clients placed an average of 145,000 trades a day in October, compared with 120,000 in September. The company incorporated average daily trades of 189,000 in forecasting fiscal 2005 earnings of 72 cents to 89 cents on Oct. 19.
In a release Friday, the company said it opened 31,000 accounts and closed 14,000 accounts in October.
So far in November, Ameritrade said daily trading activity has been nearly 20% higher than in October.
"We believe the resolution of election uncertainty has helped volumes and will continue to have a positive impact on trading, while the
rate increase this week appears to have had little impact on the markets," the company said.
Ameritrade shares were recently up 24 cents, or 1.8%, to $13.84 on Instinet. Schwab closed Thursday at $10.12.