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This background note is to accompany the case ''Comdirect Bank AG'' (303-040-1). The abstract of the case is as follows: In recent years, on-line brokerage in Germany has experienced enormous growth. More than one million customers are trading on-line. Competition for the main on-line brokers is intensifying as major traditional financial services players are starting their own on-line affiliates, and both non-financial companies and foreign financial service providers are entering the market. However, industry experts have widely differing opinions concerning the future development of the German on-line brokerage market. There is no single business model, and no clear strategy to guarantee success. In this case and accompanying background note, ''The German Online Brokerage Industry'' (303-040-5), the strategy of one of the largest and most successful, but still unprofitable, firms is described and analysed. Extensive data is provided to allow students to analyse the industry and discuss various alternatives to position comdirect for the future. The teaching note was written by Professor M Dowling and S Huesig.