A.B. Watley Enters Into an Agreement With eSpeed to Offer Customers Online Bond Trading Service.Business Editors NEW YORK--(BUSINESS WIRE)--May 15, 2000 A.B. Watley Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABWG), premier provider of online and Institutional trading services through its brokerage firm A.B. Watley, Inc. (www.abwatley.com), today announced that A.B Watley, Inc. has signed an agreement with eSpeed, Inc. (NASDAQ: ESPD ESPD Enfants En Situation Particulièrement Difficile (French) ESPD Engine Shutdown Protective Device ), a leading provider of real-time business-to-business electronic marketplaces. This agreement will enable A.B Watley customers direct access to electronic bond trading through eSpeed's global network, providing access in the same way that individual investors currently have access to the equity markets. Through the eSpeed Online service, A.B. Watley, Inc. will offer its clients the unique opportunity to transact directly with the highly liquid wholesale market for bonds. All trades using the eSpeed Onlinesm service are executed and confirmed in real-time. "By partnering with eSpeed we will allow all A.B. Watley clients access to one of the largest electronic providers of fixed income products and services," stated Robert Malin, President of A.B. Watley, Inc. "Having the ability to provide direct access to the bond market in a similar way to the equity market is another important step in the empowerment of the individual investor." "We are extremely pleased to partner with A.B. Watley, a proven technological and service orientated o·ri·en·tate v. o·ri·en·tat·ed, o·ri·en·tat·ing, o·ri·en·tates v.tr. To orient: "He . . . leader in the field of electronic trading," stated Howard W. Lutnick, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of eSpeed. "We anticipate that this relationship will give AB Watley customers unprecedented access to the world's most liquid wholesale market for bonds." ABOUT A.B. WATLEY GROUP INC. A.B. Watley Group Inc. is the parent Company of A.B. Watley, Inc., a multifaceted, technological and service-oriented brokerage firm offering two proprietary online trading systems, UltimateTrader(R)and WatleyTrader(tm), that provide realtime data feed and instantaneous execution for the most active segment of the online trading community An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. . The A.B. Watley, Inc. Institutional Sales and Trading Division specializes in the execution of complex and sensitive large-block equity transactions for institutions, major investment managers, insurance companies, banks, and high net worth individuals. A.B. Watley Group Inc.'s competitors include E*Trade (NASDAQ: EGRP EGRP E*Trade Group, Inc. (stock abbreviation, AMEX) ), Charles Schwab (NYSE NYSE See: New York Stock Exchange : SCH SCH School SCH Schedule SCH Search SCH Semester Credit Hours SCH Santander Central Hispano (bank in Spain) SCH Socket Head SCH Synchronization Channel SCH Succinylcholine SCH Space Center Houston ), Ameritrade (NASDAQ: AMTD AMTD Arithmetic Mean Temperature Difference AMTD Automatic Magnetic Tape Distribution AMTD Affordability and Manufacturing Technology Demonstration ), TD Waterhouse (NYSE: TWE), DLJ Direct (NYSE: DIR) and National Discount Brokers (NYSE: NDB). ABOUT ESPEED, INC. eSpeed, Inc. (Nasdaq: ESPD) operates multiple buyer/multiple seller real-time B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business electronic marketplaces. eSpeed's suite of marketplace tools provides an end-to-end solution -- transaction processing, network distribution, risk management, back-end processing and billing -- for the trading of products via the Internet or over eSpeed's global private network. eSpeed currently provides the marketplace infrastructure for most of the world's fixed income marketplaces, transacting over $150 billion of financial instruments daily. eSpeed is headquartered in New York. Additional information on eSpeed is available via the Internet at http://www.espeed.com. SAFE HARBOR STATEMENT Certain statements contained herein, including statements regarding the development of services and markets and future demand for services and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended). Any number of conditions may occur which would materially affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, customer trading activity, loss of one or more significant customers, change in technology, issues involved in the launch of new or modified software programs, shifts in competitive patterns, ability to manage growth effectively, risks associated with acquisitions including integration risks, risks associated with strategic partnerships, various project-associated risks, substantial competition, general economic conditions, risks associated with intellectual property rights, risks associated with international operations and other risk factors listed from time to time in A.B. Watley Group Inc.'s filings and reports with the Securities and Exchange Commission. |
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