Recv'd this today from ABW:
September 15, 1999
Dear UltimateTrader:
On September 21 we will make several changes to our UltimateTrader Service selection. This letter is an offer
for you to participate before we make a general public release. After September 21, we will offer two
UltimateTrader Service levels only: UltimateTrader FREE and UltimateTrader PRO. UltimateTrader FREE is
our new product offering, while UltimateTrader PRO is the new name for Service Level 4.
If you do not want to alter your service, simply disregard this letter. If you are a client that is taking advantage of our volume discounts and receiving all of your data at no cost, you may also wish to disregard this letter.
However, if you wish to alter the status of your existing UltimateTrader account to UltimateTrader FREE, you
must notify client services before October 1, or you may be subject to a short waiting list.
UltimateTrader Service Levels 1,2, 3 and 4 will be discontinued for new applicants, but will remain functional
for those of you maintaining your current service level. There will be no change in software, sweep account
procedures or billing. Further to this, if you do not wish to change your service level, all existing volume
discounts and money market operations will continue to apply.
If you decide to change to our new product there are several issues that must be clearly understood. Among the
most important is that YOU MUST MAINTAIN A MINIMUM AVERAGE MONTHLY FREE CASH BALANCE of $20,000. There is no money market sweep feature for this new service level. For example, at the end of each day and as an average throughout the month there must be a $20,000 free cash balance in your
account. UltimateTrader FREE accounts are not eligible for a money market sweep unless the cash balance
exceeds $100,000.00. Funds over $100,000 will be swept into the Alliance Capital Reserve Fund. UltimateTrader
FREE accounts will receive a fixed interest payment on free cash balances of 1.5 percent.
UltimateTrader FREE accounts that do not maintain the minimum average monthly cash balance of $20,000 will
be subject to UltimateTrader PRO's aggressive volume discounts and data rebates.
UltimateTrader FREE has the following fixed features:
2 NASDAQ Level II Market Maker screens
I Realtime Chart
I Market Minder
I Position Minder
DOW Jones News and Turbo Options are not available with UltimateTrader FREE.
For those of you that want to switch to UltimateTrader FREE, notify us as early as possible. We will adhere to a
strict permissioning schedule in order to continue to expand with 100% simultaneous client capacity as our goal.
The waiting list is the only way that we can assure you that no system degradation will occur.
We are confident that the streamlining of our products will provide even better client service and more efficient
trading for you. Should you have any questions, please refer the website at abwatley.com or call
Client Services after trading hours.
Regards,
Robert Malin
President |
