TRACK DATA SECURITIES CORP. RECEIVES
BROKER-DEALER LICENSE
NEW YORK, NY-June 26, 2000-Track Data Corporation
(Nasdaq NMS: TRAC) today announced that the NASD has granted
Track Data Securities Corp. a broker-dealer license.
"We are very excited about the successful end to a process
that has been going on for some time," said Barry Hertz,
Chairman and CEO. "'When will you get the broker-dealer
license?' has been the most asked question at my regular
monthly chats."
"In the third quarter, the license will enable us to report
our revenues on a full commission basis," Hertz continued.
"As a result, the increase in revenues from myTrack's online
trading activities will be much more visible in our financial
reports. While our bottom line will not be affected by the
change in reporting, our new clearing arrangement with Penson
Financial and other cost-cutting measures we have implemented
will have a positive effect on bottom line results in the
third quarter. In addition, our ECN application is moving
through the review process with the regulatory authorities."
Track Data Securities Corp. is a wholly owned subsidiary of
Track Securities Corp. Track Data will shortly exercise its
option to acquire Track Data Securities for nominal
consideration.
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 to 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 site-based
static pages offered by most of its competitors, such as
Schwab (NYSE: SCH), E*Trade (Nasdaq: EGRP), TD Waterhouse
(NYSE: TWE), and National Discount Brokers (NYSE: NDB). 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. In addition to PC-based trading,
myTrack offers access through 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.
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