JB Oxford & Co. (Nasdaq: JBOH), one of dozens of stock brokers that have added an online trading arm to their standard Wall Street trading services, has further expanded its purview by becoming an Internet service provider.
In its new “npower” service, Oxford packages unlimited free Internet access and electronic banking with its online trading service. Customers are eligible for free Internet service as long as they maintain a minimum balance of $2,000 (US$) in their Oxford investing accounts.
The company believes that it “has redefined the online delivery of financial services to offer customers the most reliable, economical and unified means for managing personal finances on the Net.”
JB Oxford npower customers get Internet access from 600 dial-up points in the United States. If they do not maintain the minimum $2,000 trading balance, there will be a $15.95 monthly charge to subscribe to the Internet service. Customers will get free e-mail service with the Internet service and can create a personal home page, hosted by JB Oxford, using up to 2 MB of memory.
Additionally, by the fourth quarter of this year, the trading firm will be supplying its investing customers with interest-bearing checking accounts with ATM cards, voice-automated banking and trading over the telephone, and online bill payment.
Meanwhile, on the stock-trading side of the newly multi-faceted company, Oxford plans to give its Internet traders two extra hours to finish their business. Oxford will accept limit orders from 8:30 to 9:30 A.M. Eastern time and from 4:00 to 5:00 P.M. Eastern — one hour before and after the traditional trading period. Oxford is among many trading firms that are pushing into the off-hours trading business, employing the Internet and computerized order-matching systems to continue buying and selling stocks after the major U.S. stock markets close. The npower service also provides the option to use a personal broker for advice and assistance while trading online.
Partners for Npower
JB Oxford is working with AT&T on the Internet service provider project, crediting AT&T with providing the expertise “to ensure the reliability and performance speed of the network.” The trading firm also overhauled its Web site last week to create a new look and give visitors easier access to its services. More changes are expected in the coming months.
JB Oxford, which calls itself a “deep discount brokerage,” was founded in 1994.