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LOM launches online trading platform

LOM online trading: Pictured (from left) are LOM's Michael Greaves, Malik Showers, Fred Gagne and Justin Cornell (Photo by Akil Simmons)

Financial brokerage firm LOM Group has announced the launch of a new online equities trading service.According to the firm, the new platform, called Opus, has been two years in the making and allows the company’s international client base to view their accounts in real time and trade equities on one platform.“We are delighted to broaden our online trading presence to offer our clients the comfort and ability to trade in a secure and efficient environment,” said Scott Lines, CEO of the LOM Group. “Our aim is to provide a bespoke and user friendly platform for everyone, whatever the level of experience.”The initial roll out will be for equities in North America, however, LOM plans to expand to European markets within six to eight weeks.The company, which has close to $1 billion in assets under administration, will charge its standard commission rates for trades.Online trading is fast becoming the norm for many investors. And, according to financial publication, Barron’s, which conducts an annual ranking of online brokers, interactivity is crucial.In the Barron’s report, online traders E*Trade, states that they experience an average of 200,000 unique monthly mobile log-ins and that five percent of its retail trades took place on a mobile device at the end of 2011. OptionsHouse says mobile apps now account for over 15 percent of the firm’s core customer activity.And more growth is coming. As Apple’s Cook noted: 55 million iPads have been sold since their launch in 2010, with 15.4 million of that total in the most recent holiday quarter alone.LOM said that while they are not trying to compete with the TD Ameritrade’s of the world, they recognise the importance of mobile connectivity. After the European market roll out, the company plans on asking what functions and features their clients want next.“This is our first foray into an e-type business and we want to make sure it’s done right,” said Justin Cornell, vice-president and IT operations manager at LOM. “This was a real labour of love. The big difference in this platform is that it is completely client driven. It is our clients that will drive the future development.”