Financial Services >> Analyst Interviews >> October 18, 1999

Online Brokers : Gregory W. Smith – Hambrecht & Quist

GREGORY W. SMITH is a Senior Research Analyst at Merrill Lynch leading the Computer Services and IT Consulting sector research group. Prior to joining Merrill Lynch in 2002, Mr. Smith was a Senior Research Analyst at J.P. Morgan (formerly Hambrecht & Quist) covering the eFinance sector, which included electronic brokerage and the evolution of the securities markets, innovations in asset management, as well as broader changes within the financial services industry. While at J.P. Morgan, Mr. Smith was named to The Wall Street Journal's "Best on the Street" 2001 survey as a top earnings forecaster in the Securities Brokerage category. Prior to joining Hambrecht & Quist in 1999, he was a research analyst at Putnam Lovell, a boutique investment bank specializing in financial services, where he covered the electronic brokerage and asset management industries. At Putnam Lovell, he was part of a team that was ranked the number one regional research team covering the Brokerage and Asset Management sector by Institutional Investor Magazine in 1998. Prior to joining Putnam Lovell, Mr. Smith held various positions at Franklin Resources. He has been frequently quoted in the media, including The Wall Street Journal, The Financial Times, and BusinessWeek and has appeared often on CNBC. He has also been a frequent speaker on equity market structure issues. Mr. Smith has a BA in Economics from the University of California at Santa Barbara. Profile
TWST: Greg, will you begin with some background on the online brokerage

industry and its development?

Mr. Smith: Online brokerage has actually been around for more than 10

years in one form or