Aggressive pricing strategies introduced by big banks in an attempt to capture a bigger slice of the retail stock brokerage market has had little impact on medium and small local brokerages, according to a broker. The South China Morning Post reported in July that HSBC and subsidiary Hang Seng Bank were trying to grab a bigger piece of the share-trade pie by offering selected customers deeply discounted transaction fees. 'Select customers' opening new stock trading accounts were being offered a rate of just $1 per deal, prompting fears among small stockbrokers that they would eventually be driven out of the market. But William Lee Yiu-wing, executive director and chief operating officer at Tai Fook Securities, one of Hong Kong's largest local brokerages, said such tactics targeted a client segment very different from that of traditional stockbrokers. 'When it comes to providing more sophisticated services such as margin financing, we are still way ahead of the banks,' he said. 'Medium and small stockbrokers will not be able to compete with the big banks in terms of pricing. But most sophisticated and frequent investors tend to choose their brokers by the level of customer service. 'When investors trade shares through banks, they tend to pay in full amounts and the stocks that they buy are usually big blue-chip stocks, while those that trade through us are the ones who demand more exotic features.' Mr Lee said the company had not noticed any significant shift of traditional stock brokerage customers to the big banks as a result of the discounts in transaction fees. Tai Fook yesterday announced that it was launching a new one-stop mobile securities trading platform via 3G video mobile phones with 3 Hong Kong. Chief executive Peter Wong Shiu-hoi said the project had taken nearly two years to complete because it needed to sort out security issues. He declined to say how many users would sign up for the service, which charges the same fee as the firm's online platform. It has about 50,000 to 60,000 online users out of its 100,000 client base.