A.B. Watley Launches Direct-Access `Flat-Fee' Trading Program.Business Editors NEW YORK--(BUSINESS WIRE)--June 21, 2001 -- Watley to Provide `Flat-Fee' Trading to Professional Traders -- Unlimited Direct Access Trading for a Flat Monthly Fee -- `Flat-Fee' Trading to be Available Via the Internet or NY Offices -- `Flat-Fee' Trading Television Advertising Campaign in Mid July 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 financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. technology (http://www.abwatley.com), today announced the creation of a direct access `flat-fee' based trading program aimed towards the professional trader to be launched in mid July 2001. The direct access `flat-fee' trading program will allow participants to use A.B. Watley's proprietary direct access trading Direct access trading is a technology which allows stock traders to trade directly with market makers or specialists, rather than trading through stock brokers.[1] platform, UltimateTrader(R) II, to execute an unlimited number of trades for a flat monthly fee. The launch of the direct access `flat-fee' trading program will be accompanied by a television based advertising campaign this summer. "Today, thousands of professional traders pay in excess of $20,000 per month in commissions. Given the immense size of the professional trader market, we believe that many of these traders will choose to participate in our revolutionary direct access `flat-fee' trading program. A trader currently paying $20,000 per month in brokerage fees will pay on average $5,000 per month trading with A.B. Watley," stated Robert Malin, President of A.B. Watley, Inc. "Professional traders who wish to participate in our `flat-fee' trading program will be able to do so from any location in the world through the internet or by using A.B. Watley's state of the art direct access trading facilities located in our Wall Street, NYC NYC abbr. New York City NYC New York City office." "A.B. Watley anticipates attracting a significant number of professioanl traders with this new and exciting program, which is expected to enhance our revenues dramatically. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis with just 500 new professional traders on our system., we would realize a minimum revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. of $2.5 million a month. Along with the anticipated summer launch of our first software licensing agreement, we feel very excited with our progress to date." stated Steve Malin, 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 A.B. Watley. "Our technology infrastructure built upon the stability and scalability of our UltimateTrader(R) II system as well as our back office trade support and front office customer support infrastructures will allow us to handle the dramatic increase in order flow that is expected to be generated from this program," commented Leon Ferguson, A.B. Watley Group CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. . "Also, by allowing our direct access `flat-fee' traders the ability to trade from within our trading facility in NYC, we will not only be able to better anticipate the needs and requirements of our active trader client base but will also be able to quickly incorporate those needs and requirements into future versions of UltimateTrader II, thereby allowing us to continuously improve our trading products and services." A.B. Watley expects to open up additional trading facilities aimed towards the direct access `flat-fee' trader in the near future. About A.B. Watley Group Inc. A.B. Watley Group Inc. is a financial services software company that owns and operates A.B. Watley, Inc., a New York-based NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). registered broker/dealer. A.B. Watley, Inc. is among the largest direct-access brokerage firms in the industry and operates an Institutional Sales and Trading Division specializing in the execution of complex and sensitive large-block equity transactions for institutions in the buy-side community. A.B. Watley Group licenses software technology and provides trading solutions for E-Brokerages, banks, direct-access firms and clearing corporations. Through A.B. Watley, Inc. the firm provides one of the highest quality trading platforms available at among the lowest costs in the industry. A.B. Watley Group's technology has been featured in three (3) case studies by Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. and was featured in the SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) annual report. A.B. Watley Group Inc.'s competitors include NYFIX, E-Speed, OM Group, Trade Cast, Ameritrade and Charles Schwab Charles Schwab can refer to:
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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, issues involved in acting as licensor for proprietary software, 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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