The latest client email to Charles Schwab clients reveals a new video from optionsXpress’s CEO Joe Vietri, alongside a bullet list progress update on the optionsXpress acquisition (clients must login to their Schwab account to view the video).
Some key quotes:
“We’re working towards becoming one firm, developing a unified experience in a single set of trading platforms”
“Schwab clients are already beginning to see real benefits from the acquisition, and they’ll continue to see more as we work towards full integration.”
Strong hints An acknowledgement of plans to shut down optionsXpress can also be identified from the client email (emphasis mine):
“Ever since Schwab acquired optionsXpress, our goal has been to combine what we believe Schwab and optionsXpress traders want most from their trading experience. We’re being thoughtful about this process because we want to create a single, unified trading experience for you—and we want to do it right.”
Up until this point, it was never made clear what Schwab’s plans were for optionsXpress through the acquisition. With optionsXpress being kept independent since the acquisition was announced in 2011, some felt that OX could potentially remain independent through a universal login to access both broker sites and services. Clearly, this theory can be now be put to rest.
Thus far in 2013, Schwab has already been busy integrating optionsxpress features and functionality:
As for when optionsXpress will officially close its doors is still to be determined. There are a variety of tools and functionality that still need to be ported over to Schwab to beef up Schwab’s options and futures capabilities.
Alongside tools and features, the last big piece in the integration will be moving all optionsXpress clients to operate under one broker-dealer. This will most likely include OX clients creating a new Schwab login.
It is no doubt that the optionsXpress acquisition is a positive one for Charles Schwab and clients of both firms. Based on where Schwab is in the integration process, our best guess is that optionsXpress clients have until atleast mid 2015 before they need to start thinking about saying goodbye.