ABWatley: monthly "flat fee" covers unlimited trading:
A.B. Watley to Launch First Ever Direct-Access `Flat-Fee' Trading Program
NEW YORK--(BUSINESS WIRE)--May 8, 2001--A.B. Watley Group Inc. (NASDAQ: ABWG - news), premier provider of financial services technology, today announced plans to launch a `flat-fee' based trading program, geared towards the active investor.
``Active traders that choose to participate in this unprecedented program will have the ability to execute an unlimited number of trades at a flat monthly fee,'' stated Robert Malin, President of A.B. Watley, Inc. ``An expected cost-savings of up to 90% can be realized for these traders through this program, versus the traditional commission-based strategy.''
``The scalability of our back-end systems gives us the ability to process the dramatic increase in order flow that this program is expected to generate. It is an exciting idea to allow the active trader to trade freely at a fixed-cost,'' commented Leon Ferguson, A.B. Watley Group CIO. ``Through the use of our proprietary trading platform, UltimateTrader® II, these active traders will have direct access to the exchanges. This is a revolutionary idea for the direct-access market and is aimed towards the professional trader.''
An expected launch date of June 2001 has been scheduled. ``The firm expects to generate immediate revenue growth from this program while increasing profit margins. The initial start-up costs and maintenance involved are minimal,'' said Steve Malin, A.B. Watley Group CEO.
About A.B. Watley Group Inc.
A.B. Watley Group Inc. is a financial services software company that owns and operates A.B. Watley, Inc., a New York-based NASD registered broker/dealer. A.B. Watley, Inc. is among the largest direct-access brokerage firms in the industry and operates an Institutional Sales and Trading Division specializing in the execution of complex and sensitive large-block equity transactions for institutions in the buy-side community. A.B. Watley Group licenses software technology and provides trading solutions for E-Brokerages, banks, direct-access firms and clearing corporations. Through A.B. Watley, Inc. the firm provides one of the highest quality trading platforms available at among the lowest costs in the industry. A.B. Watley Group's technology has been featured in three (3) case studies by Sun Microsystems and was featured in the SUNW annual report. A.B. Watley Group Inc.'s competitors include NYFIX, E-Speed, OM Group, Trade Cast, Ameritrade and Charles Schwab. The firm is located at 40 Wall Street and on the web at abwatley.com. |
