Tuesday June 13, 9:12 am Eastern Time
Company Press Release
CyBerCorp.com Advances Technology, Lowers Prices and Expands Client Service Center for Active Online Investors
Announces CyBerCorp Institutional -- Next Generation Electronic Trading Technology for Institutional Traders
NEW YORK--(BUSINESS WIRE)--June 13, 2000-- CyBerCorp.com, a leading electronic broker for active investors, today announced that it is reducing its commissions -- to as low as $9.95 -- while introducing its new CyBerX2 trading technology and expanding its client service center.
In a parallel development for the institutional traders market, the Company announced the formation of CyBerCorp Institutional.
``The decision to offer active investors commissions as low as $9.95 along with the enhanced technology of CyBerX2 and expanded client service represents a major step forward for CyBerCorp.com,'' said Philip R. Berber, founder of the Austin, Texas based online brokerage.
The new CyBerX2 is designed to allow active investors to benefit from direct access and intelligent order routing while receiving real time streaming Level II data, advanced charting capability, options trading, access to online research and news, stop loss management, risk management and more. Direct access enables clients to route orders through CyBerCorp.com's servers to the appropriate market center.
``To have all of this available within one easy to use electronic, intelligent and integrated trading platform represents a quantum leap in terms of other real time, direct access trading platforms available over the Internet,'' said Berber.
CyBerCorp.com also announced new pricing schedules effective June 15 for its retail trading platforms, based on the previous month's trading activity:
For CyBerX2: $14.95 per trade from 1-249 trades; $12.95 per trade for 250-499; $9.95 per trade for more than 500 trades.
For CyBerTrader: $17.95 per trade from 1-249 trades (reduced from $19.95); $14.95 per trade for 250-499 trades; $9.95 per trade for more than 500 trades.
According to Berber, over the past year, institutional traders have better understood the power and value of direct access and intelligent order routing technologies, which CyBerCorp has now adapted and upgraded specifically with them in mind. All CyBerCorp trading platforms for the institutional market, like those for the individual market, utilize third-generation ``direct access'' trading technology, by which the technology ``hunts and seeks'' for the optimum counterparty at that instant among Electronic Communication Networks (ECNs), market makers and exchanges.
``CyBerCorp was an innovator and pioneer in designing and developing intelligent order routing technology for active online investors,'' Berber said. ``They are now offering institutional traders direct, intelligent and electronic access to the entire pool of Level II display liquidity through one single terminal.''
CyBerCorp Institutional will provide institutional traders with direct access, intelligent order routing technology platforms including CyBerTrader Professional and CyBerQuant, designed to cater directly to the time- and price-sensitive trading requirements of mutual funds, hedge funds, and other sophisticated asset management groups.
William Thomson, general partner at Doune Capital L.P. in Hartford, CT, who has been using CyBerCorp services for the past month, said: ``The customer service and the technology at CyBerCorp is exceptional. I believe CyBerCorp is enabling an affordable delivery of previously unavailable trading services to all investors.''
As a separate effort CyBerCorp and Schwab are combining their strengths to develop an offering geared toward independent investment advisors working with Schwab Institutional that marries CyBerCorp's intelligent order routing technologies with the back office custody services of Schwab Institutional. ``Our goal is to provide investment advisors the best of both worlds by combining CyBerCorp's innovative technology with the Schwab Institutional platform that provides advisors dedicated service, reporting and other technology solutions to support their growing practices,'' stated John Philip Coghlan, President of Schwab Institutional and Vice Chairman of The Charles Schwab Corporation.
``The combination of Schwab and CyBerCorp Inc. results in the only firm today that possesses both the depth and strength of offerings provided by the leading online broker, Schwab, and the benefits of the technology-based products and services provided by the leading direct access broker, CyBerCorp,'' said Berber.
About CyBerCorp
Founded in December 1995, CyBerCorp Inc. is an electronic trading technology and brokerage services group that designs and develops state-of-the art electronic trading software for active investors. CyBerCorp.com and CyBerCorp Institutional are divisions of CyBerBroker, Inc., a wholly owned subsidiary of CyBerCorp Inc., a member of NASD, SIPC. On March 1, 2000, CyBerCorp Inc. became a wholly owned subsidiary of The Charles Schwab Corporation (NYSE:SCH - news). CyBerCorp.com has been ranked in the Top 10 among all online brokerages and ahead of all other direct access brokerages in reports by Hambrecht & Quite and US Bancorp Piper Jaffray by volume of transactions in each quarter beginning with the third quarter of 1999. (More information on CyBerCorp products and pricing can be found on www.cybercorp.com).
About Charles Schwab & Co., Inc. (NYSE:SCH - news)
Charles Schwab & Co., Inc. (member SIPC/NYSE) is one of the nation's leading financial service providers, serving 6.9 million active investor accounts with $823 billion in customer assets. Of these, approximately 3.7 million are active online accounts with $418 billion in customer assets. Schwab provides a full-service investing experience to customers through a ``clicks and mortar'' multi-dimensional offering of the Internet, 356 branch offices, speech recognition, touch-tone telephone, e-mail technologies, multilingual and international services, and access to professionals day or night. About 30 percent of Schwab's customer assets and 10 percent of its customer accounts are managed by the 5,900 independent, fee-based investment advisors served through its Schwab Institutional division. Schwab is creating a new model of full-service investing in which information flows freely, and investors make their own decisions with objective advice when and how they need it.
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Contact:
CyBerCorp
Trey Robinson, 512/682-7619
trobinson@cybercorp.com
or
Trimedia
Andy Yemma, 212/888-6115
ayemma@trimediapr.com |
