Charles Schwab yesterday said it had bought CyBerCorp, a fast-growing brokerage with specialised electronic trading technology for day traders, reports the Financial Times.

The is an aggressive move by Schwab to catch up with the latest high-powered trading technology. It will also help the company maintain a foothold in one of the fastest rising segments in the brokerage industry. The tax free all-stock deal is valued at $488m and is set to be completed by next month.