DLJdirect Announces Extended-hours Trading
Business Wire - October 07, 1999 07:15
JERSEY CITY--(BUSINESS WIRE)--Oct. 7, 1999--
New Service Expected to Begin Later This Month
DLJdirect Inc. (NYSE: DIR), the online brokerage service of Donaldson, Lufkin & Jenrette, Inc. (NYSE: DLJ), announced that it will begin offering extended trading sessions in late October through REDIBook. The extended-hours trading will include pre-opening and after-hours sessions during which clients will be able to enter limit orders for selected listed securities and all Nasdaq National Market System (NMS) and Small Cap issues.
Initially, it is anticipated that the pre-opening session will begin at 8:00 a.m. and conclude at 9:15 a.m. and the after-hours session will begin at 4:15 p.m. and close at 7:00 p.m. Those hours and the number of securities eligible for trading are expected to expand in the future. Limit orders entered during either the early or late session will be applicable to that day's specific session only. REDIBook will be linked with other major electronic trading systems, exposing clients' orders to multiple sources of liquidity. Commission charges will remain the same for extended-hours trading.
"Liquidity is essential to the success of extended-hours trading," said Blake Darcy, Chief Executive Officer of DLJdirect. "The combined trading volume of the REDIBook-associated firms and REDIBook's access to other electronic trading systems is a significant step in providing DLJdirect clients with access to the greatest liquidity available in the after-hours market today."
DLJdirect will make available a primer on extended-hours trading to its clients upon initiation of the service. The material will include specific information on the types of securities that can be traded during the extended-hour sessions, the types and duration of orders that may be placed, margin requirements, and risks associated with extended-hours trading. The information will be posted prominently on the DLJdirect Web site, www.DLJdirect.com and DLJdirect's proprietary MarketSpeedTM software.
DLJdirect is one of America's premier online brokerage firms. Established in 1988, DLJdirect offers a broad range of investment products and services to sophisticated, self-directed investors. DLJdirect has more than 650,000 customer accounts representing over $13 billion in assets. DLJdirect common stock trades on the New York Stock Exchange under the ticker symbol "DIR." For more information on DLJdirect, refer to the company's World Wide Web site at www.DLJdirect.com.
Donaldson, Lufkin & Jenrette is a leading integrated investment and merchant bank serving institutional, corporate, government, and individual clients. DLJ's businesses include securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management. Founded in 1959 and headquartered in New York City, DLJ employs approximately 9,100 people worldwide and maintains offices in 13 cities in the United States and 13 cities in Europe, Latin America, and Asia. The company has two classes of common stock trading on the New York Stock Exchange. Shares trading under the ticker symbol "DLJ" represent Donaldson, Lufkin & Jenrette, Inc. Shares trading under the ticker symbol "DIR" track the performance of DLJdirect, Inc., its online brokerage business. For more information on Donaldson, Lufkin & Jenrette, refer to the company's World Wide Web site at www.dlj.com. The firm's world headquarters are located at 277 Park Avenue, New York, NY 10172; telephone number (212) 892-3000.
REDIBook is the electronic communications network (ECN) recently established by Donaldson, Lufkin & Jenrette (and its affiliates DLJdirect and Pershing); Spear, Leeds & Kellogg; Fidelity Investments; and Charles Schwab.
CONTACT: DLJdirect Inc.
Press Contact:
Linda Finnerty
lfinnerty@dljdirect.com
201/308-3187
or
Donaldson, Lufkin & Jenrette
Investor Contact:
Kevin Zuccala
ir@dlj.com
212/892-4693
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