TradeStation Checks In, Trading Activity Off 27%; TRAD, IBKR, OXPS

| 06 January 2010

TradeStation Securities (TRAD) gives us our next glimpse into the slippery slope that is Q4. The first thing we noticed: DARTs dropped a whopping 27% versus December 2009. So even while total client assets continue to climb at a healthy clip (31% year-over-year) those accounts aren't trading like they used to.

We reported Interactive Brokers' (IBKR) results yesterday and their DARTs showed a 13% year-over-year dip, so we suspect the carnage will continue. But 27% is a lot, especially for a firm that relies on uber-active traders.

Just how bad is the wreckage? While TradeStation DARTs are off 19% for the year, they've been whacked a whopping 53% versus Q4 2008. (Compare this with Interactive Brokers' trading activity which is off 3% for the year and only 8% for the quarter versus 2008.) Just how much of a dive are we in for with TradeStation?

We should see results from optionsXpress (OXPS) next. It will be interesting to see on which end of this spectrum optionsXpress falls.

Tags: Interactive Brokers TradeStation Financials

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