eTrade 2000 Annual Report Download - page 20

Weighted average interest rate during the year 6.39 % 5.32 % 5.69 %
Maximum month-end balance during the year $ 2,173,410 $ 790,474 $ 519,078
Private issuer mortgage-backed securities underlying the
agreements as of the end of the year:
Carrying value, including accrued interest $ 1,303,517 $ 863,598 $ 441,323
Estimated market value $ 1,289,313 $ 832,397 $ 438,955
Agency Securities underlying the agreements as of the end of
the year:
Carrying value, including accrued interest $ 648,433 $ — $ —
Estimated market value $ 644,317 $ — $ —
The following table sets forth information regarding the weighted average interest rates and the highest and average month end
balances of our borrowings.
Category Ending Balance Monthly
Weighted
Average
Rate
Maximum
Amount At
Month-End
Yearly
Weighted
Average
Balance
Yearly
Weighted
Average
Rate
(dollars in thousands)
At or for the year ended September 30, 2000:
Advances from the FHLB of Atlanta $ 1,637,000 6.47 % $ 2,074,500 $ 1,225,783 6.17 %
Securities sold under agreement to
repurchase
$ 1,894,000 6.71 % $ 2,173,410 $ 1,471,435 6.39 %
At or for the year ended September 30, 1999:
Advances from the FHLB of Atlanta $ 477,000 5.55 % $ 852,000 $ 473,849 5.25 %
Securities sold under agreement to
repurchase
$ 790,474 5.47 % $ 790,474 $ 555,552 5.32 %
GLOBAL AND INSTITUTIONAL
Business Overview
Our global and institutional business segment is comprised principally of the business activities of our international subsidiaries
offering foreign investors online retail brokerage services and the business activities of TIR and VERSUS, which offer financial
services to institutional investors.
We are actively pursuing a global expansion strategy that leverages our internationally recognized brand name, award-winning Web
site design, and proprietary Stateless Architecture SM technology platform. On the retail side, our goal is to create a fully electronic
cross-border trading network, linking the top financial markets globally and making electronic trading in foreign securities an
affordable reality for the retail investor. We launched this trading network during fiscal 2000 with E*TRADE Sweden, allowing
Swedish customers to buy U.S. equities in real-time, online. Through a fully electronic process, we seamlessly handle the execution,
clearing and settlement of the transactions, while simultaneously processing the foreign exchange transactions.
With the acquisition of TIR in August 1999, we extended our business to include institutional investors. TIR is active in equity, fixed
income, currency and derivatives markets in over 35 countries and holds seats on multiple stock exchanges around the world. TIR’ s
management team is assisting in running selected segments of our international retail brokerage operations, given their existing
clearing and operational infrastructure in both Europe and Asia. We are currently developing an electronic platform for the
institutional investor, which will bring greater efficiencies in trading, order routing and management, and back office processing. With
the acquisition of VERSUS in August 2000, we have expanded our institutional customer base and anticipate leveraging the VERSUS
Network, a proprietary electronic network that connects institutional clients and participating broker-dealers to the major Canadian
Stock Exchanges and alternative liquidity pools. It also integrates with market data providers and
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back-office service providers to enhance the electronic trading environment. We will expand the VERSUS Network by incorporating
the technology into our global cross-border trading platform, enabling institutions and investment dealers worldwide to route orders
globally through the VERSUS and E*TRADE networks.
2002. EDGAR Online, Inc.