Charles Schwab is set to expand its UK 24-hour trading offering to include US stocks listed in the S&P 500 and Nasdaq-100 indices. It has also added several new features to its platform.
The US stockbroker and financial services group will also provide UK customers of its thinkorswim platform access to hundreds of additional exchange-traded funds (ETFs), 24-hours a day, five days a week.
The move follows the acquisition of Ameritrade, which in 2018 became the first US retail broker dealer to give investors24/5 trading access through the thinkorswim platform.
Since then, Schwab clients using the platform have been able to access around two dozen ETFs overnight, in UK 24-hour trading.
The group’s expansion of overnight trading to include hundreds of US stocks will first be piloted with a small group of clients, with the firm planning to offer full client access in 2025.
Schwab managing director Richard Flynn said: “Since the launch of thinkorswim in the UK earlier this year, we’ve seen remarkable demand from our clients to invest in US stocks.
“The overnight trading market has evolved rapidly since 24/5 retail trading was introduced by Ameritrade six years ago, and it has always been our goal to broaden our clients’ around-the-clock access in a balanced, responsible way.”
New trading features
In addition to expanding UK 24-hour trading, Charles Schwab has also recently introduced a range of new trading features and capabilities to its thinkorswim platforms.
The full list of these can be seen below:
- Positions on Charts: Across all thinkorswim platforms, clients can add a horizontal line to a chart for any symbol they hold a position in that will show the trade price of their equity position or strike price of their options position.
- Options Chain Gadget: Clients using thinkorswim desktop can now view the option chain and chart at the same time using this Charts feature.
- Index Monitor: Clients using thinkorswim web can monitor indices throughout the day with a rotating chart and quote carousel at the top of the Charts feature.
- Analyst Ratings: On thinkorswim mobile, clients can now view analyst reports and ratings for their positions.
- Money Movement: Clients using thinkorswim mobile can now add funds to their account using the remote cheque deposit feature.
- Coming Soon: Walk Limit Orders:Clients using all thinkorswim platforms will have the ability to automatically aim to execute at a more favourable® price than initially set for single- or multi-leg options trades.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
