Track Data ANNOUNCES LOWER FEES ON myTrack MARKET
DATA THANKS TO NASDAQ EXCHANGE FEE REDUCTION
NEW YORK, NY-September 12, 2000-Track Data Corporation
(Nasdaq NMS: TRAC) today announced that with the Nasdaq’s
reduction in exchange fees for individual investors, myTrack
members will see lower bills for market data.
Nasdaq recently announced that effective this month, the $50
monthly fee for individuals to access Nasdaq Level II data
will drop to $10. This new fee schedule will be in effect
for at least one year.
Nasdaq’s fee reduction will have a substantial and positive
effect on myTrack, an integrated online brokerage and market
data service. The market data service is available at four
levels: basic (which is free), silver, gold, and platinum.
Monthly data service prices vary from $19.98 per month for
silver to $95 per month for platinum, plus exchange fees.
Of course, "plus exchange fees" used to be the part that
could really cost individual investors. Not long ago,
real-time access to the NYSE, AMEX, and Nasdaq Levels I and
II cost about $65 per month. With this change in Nasdaq
pricing, that $65 is now down to $13-that’s a $624 yearly
savings for individual investors.
"The move will help myTrack, since it’s a market data service
and direct access broker," said Rafi Reguer, Marketing
Director of Track Data. "Naturally, it hurts sales of a $95
service when you’re forced to tack on another $65. But when
it’s only $13, that will help individual investors afford a
good real-time market data service like ours. And since we
don’t mark up the exchange fees, our myTrack members will
get 100% of the cost reduction."
"I think Nasdaq should really be congratulated on this move,"
said Barry Hertz, Chairman and CEO of Track Data. "You hear
a lot about leveling the playing field for individuals, and
certain changes, such as the creation of ECNs, have made a
real difference. But the cost of real-time market data is
an issue that has often been overlooked in the past. In
fact, it has been a real barrier for individual investors.
$65 a month for an individual investor is a lot, but the
alternative-trying to invest without access to the real-time
data every professional has-is unacceptable to many investors.
Lowering the Nasdaq Level II fee to $10 is a real leveling
decision and I applaud the Nasdaq for this."
Track Data is a New York-based financial services company that
provides real-time financial market data, news, and research
to institutional and individual investors through dedicated
telecommunication lines and the Internet.
For individual investors, Track offers myTrack, a fully
integrated, Internet-based online trading and market data
system. myTrack’s online trading has commissions starting at
$12.95 per trade and allows users the choice of where to route
their orders. myTrack’s continuous, dynamic stream of live
market data is powered by application-based software and a
constant server connection similar to systems used by
professionals, making it faster than the HTML web-based static
pages offered by most of its competitors, such as Schwab
(NYSE: SCH), E*Trade (Nasdaq: EGRP), Ameritrade (AMTD), and TD
Waterhouse (NYSE: TWE). In addition to all the free data
supplied to myTrack users-streaming delayed quotes, company
news, charting for technical analysis, and a proprietary library
of intra-day market statistics-myTrack users can choose from a
selection of paid data and research, including streaming
real-time quotes and Nasdaq Level II. myTrack offers access
through PCs, browser phones, and PDAs, such as Palm Organizers
(made by Palm Inc. (Nasdaq: PALM)) and Visors
(made by Handspring (Nasdaq: HAND)).
myTrack offers the first week of trading commission-free. To
open a trading account, go to mytrack.com or call
1-800-myTrack. |
