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2005 Canadian Online Discount Brokerage Review
The Canadian Online Discount Brokerage Review was conducted in December 2004. The report was released in January 2005.
The report demonstrated that the online brokerage industry continues to demand better products and services. The increased level of trading is allowing firms to re-evaluate their current offerings and plan for upcoming changes and/or enhancements in the short to medium feature. Several firms are planning major overhauls in 2005. There has been a major shift in the profile segmentation of the online brokerage industry. The investor profile could now be described as investors who are hyperactive day traders, who trade for a living, the more traditional active/serious trader and a general online investor category.
TJL Interactive determined that BMO InvestorLine, CIBC Investor’s Edge and Credential Direct were the top online offerings in Canada. The review analysed eleven firms from a variety of categories. In each case, TJL Interactive performed the analysis by developing features and functionality binary questions for the various categories.
The report was produced and included the following information based upon the findings:
  • Executive Summary, The Process and Top Findings
  • 2004 Quartile Rankings and Company Overviews
  • Category Overviews and Best Practice Information
    • Getting Started
    • Services Offered and Customer Interaction
    • Design Features and Performance
    • Account Information and Order/Trading Process
    • Market Information (Quotes, News, Research)
    • Selection and Planning Tools
    • Education
    • Help Features
    • Pricing
  • Industry Next Steps including Recommendations
The analysis also identifies best practice information, within and outside of the online discount brokerage space, where opportunities appear to exist. The analysis is meant to serve as a development template for Company X and identify opportunities in the features and functionality areas of their online discount brokerage offering.
Overall Results
1st Quartile Firms:
  • Credential Direct
  • BMO InvestorLine
  • CIBC Investor's Edge
2nd Quartile Firms:
  • TD Waterhouse
  • E*Trade Canada
  • ScotiaMcLeod Direct Investing
3rd Quartile Firms:
  • Qtrade Investor
  • Desjardins Online Brokerage Disnat
  • RBC Action Direct
4th Quartile Firms:
  • National Bank Direct Brokerage
  • HSBC InvestDirect Canada
BMO CIBC Cred. E* Scotia TDW Disnat QTrade RBC HSBC NB
OVERALL Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4
Getting Started Q1 Q1 Q1 Q3 Q1 Q2 Q4 Q2 Q3 Q4 Q4
Services & Customer Q1 Q2 Q4 Q2 Q2 Q1 Q1 Q4 Q3 Q3 Q3
Design & Performance Q2 Q2 Q1 Q4 Q1 Q1 Q4 Q2 Q2 Q2 Q4
Account Info & Trading Q2 Q1 Q1 Q2 Q2 Q3 Q3 Q3 Q4 Q1 Q4
Market & Research Q3 Q1 Q1 Q2 Q1 Q2 Q1 Q2 Q4 Q3 Q4
Selection & Planning Q1 Q3 Q1 Q1 Q2 Q3 Q2 Q2 Q4 Q4 Q3
Education Q2 Q1 Q1 Q3 Q1 Q2 Q4 Q2 Q3 Q3 Q3
Help Features Q1 Q1 Q1 Q2 Q4 Q2 Q2 Q3 Q4 Q4 Q3
Results are based on Quartile standings. Q1 represents 1st Quartile
1st Quartile (Q1): Represents firms whose offerings consistently outperform their competitors and are considered premier offerings in their online vertical. These firms demonstrate leading edge online functionality.
2nd Quartile (Q2): Represents firms whose offerings demonstrate better than average results in their online vertical. These firms demonstrate some Q1 functionality; however, are missing some key features.
3rd Quartile (Q3): Represents firms whose offerings demonstrate average results in their online vertical. These firms may demonstrate some Q1 and Q2 functionality; however, are missing many key features.
4th Quartile (Q4): Represents firms whose offerings demonstrate below average to non-existent results in their online vertical. In general, these firms do not demonstrate any key functionality and features.
 
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