While the online trading bubble has temporarily burst in the UK and France, brokers in Germany are still riding on a high. It seems to be the continental hot spot, with Swedish bank SEB being the latest contender to announce its ambitious intentions to break into the country's burgeoning online brokerage market. For now the field is still wide open, but analysts believe it is only a matter of time before the elbowing begins.

'Despite the recent market volatility, the online business has boomed,' according to Konrad Becker, an analyst at Merck Finck & Co in Munich. 'I think we will see a tremendous growth in the number of clients. It may not continue in a straight line but the shift in equity culture is permanent. Even if the markets have not been as strong in the last three to four months, there is no turning back the clock due to the profound fundamental changes that are taking place in our economy. These include the need to provide for pensions as well as companies increasingly looking towards the equity markets to raise funds.'