Schwab Volume Still Strong

Customers of Charles Schwab ( SCH) continued to trade briskly in February, although like most brokerages the company reported a slight falloff from January's blistering pace.

Schwab reported total client daily average trades of 235,400 in February, up 53% from a year ago but down 20% from January 2004. Client daily average revenue trades were 166,900 in the month, up 64% from a year ago but down 22% from January. Schwab said total client assets were $1 trillion at the end of the month, up 33% from a year ago and up 1% from the previous month.

The report echoes one released Friday by Ameritrade ( AMTD), which reported average daily volume of 197,000 trades in February, down from January's record 254,000 average daily trades.

Schwab noted it hasn't had $1 trillion in assets since August 2000, when its shares were trading in the mid-$30s. They closed last night at $11.09. The milestone is "another important reminder that overall economic and market conditions remain improved, that clients are re-engaging with their financial affairs, and that our people continue to do a magnificent job building long-term relationships with our clients," Schwab said.

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