This study examines performance measurement in on-line securities companies in the Australian marketplace. Marketing managers of seven on-line stock brokerage companies in Australian capital cities were interviewed and their on-line strategies and approaches were systematically reviewed and analysed. The findings suggest that only four of the seven companies were able to articulate a core value proposition and that only two companies used performance measurement in strategic decision-making about the on-line component of their businesses. None of the firms was able to draw a direct connection between the performance measures implemented and the value proposition they claimed to offer to their customers. These findings have important implications for both practitioners and academics as they indicate a substantial deficiency in both the theory and practice of on-line performance measurement. Avenues for further research in the area of on-line performance measurement are suggested.