Track Data Announces Futures Day Trading Accounts
Increased Leverage Available To Futures Day Traders
NEW YORK--(BUSINESS WIRE)--Feb. 26, 2002--Track Data Corporation (Nasdaq-NMS: TRAC - news) today announced that it has begun offering a special account for futures day traders that provides increased margin leverage.
The Designated Futures Day Trading Account is available to all qualified myTrack trading account holders.
LOWER PERFORMANCE BOND REQUIREMENTS FOR DAY TRADING
The day trading performance bond requirements (``margin'') are significantly less than those required for non day trading futures accounts. Presently, the margin requirements are as follows, subject to change at any time:
INTRA-DAY PERFORMANCE BOND REQUIREMENTS
Initial Maintenance
Security Requirement Requirement
E-Mini S&P 500 $2,000 $1,000
E-Mini Nasdaq 100 $2,000 $1,000
Fortune E-50 $600 $300
E-Mini Russell $2,000 $1,000
S&P Midcap 400 $2,000 $1,000
The DJIndAVG Mini is not yet available, but myTrack will begin offering it in March. In addition, myTrack expects to offer single stock futures when they begin trading in the U.S.
GOOD LIQUIDITY, HIGH MARGIN, AND MORE
``We have had a positive response to the introduction of stock index futures trading on myTrack,'' said Barry Hertz, Track Data Chairman and CEO. ``We know there are day traders out there who are looking for something new. Day trading the E-minis isn't right for everyone because of the risks. But these securities are tied to well known indexes, offer good liquidity, and can now be day traded on myTrack using high leverage. We think many day traders will be interested in our new Designated Futures Day Trading Account.''
ONE ACCOUNT TO TRADE EQUITIES, MUTUAL FUNDS, OPTIONS, AND FUTURES
myTrack began offering stock index futures trading to its online brokerage account holders last year. myTrack allows its members to enable their existing account for futures trading, rather than requiring them to open a completely separate account with a different firm, as some online brokers require. This arrangement provides for cross-collateralization of equity and futures accounts. (Technically, members are opening a separate futures account, but since it's virtually linked to their existing account and they receive one statement, it's transparent to them.) With the introduction of the Designated Futures Day Trading Account, if a myTrack member plans to use a futures account solely for day trading (carrying no futures positions overnight), he or she can take advantage of the margin requirements listed above.
myTrack offers the first week of trading commission-free. To open a trading account, go to mytrack.com or call 1-800-myTrack.
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 Data Securities offers myTrack, a fully integrated, Internet-based online trading and market data system. myTrack's direct access online trading has equity commissions starting at $12.95 per trade and allows users the choice of where to route their orders. myTrack also offers trading in options at all options markets, and over 6,000 mutual funds. In addition, futures trading in the E-Minis is available, with cross-collateralization of accounts. Futures trades are routed directly to the CME at $14 per contract per round trip.
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 - news), and E*Trade (NYSE: ET - news). myTrack supplies free market data to its brokerage account holders: streaming delayed quotes, company news, charting for technical analysis, and a proprietary library of intra-day market statistics. In addition, myTrack offers users a selection of paid data and research, including streaming real-time quotes, Nasdaq Level II, and Pink Sheets Level II. myTrack offers access through PCs, browser phones, and PDAs, such as Palm Organizers (made by Palm Inc. (Nasdaq: PALM - news)) and Visors (made by Handspring (Nasdaq: HAND - news)).
myTrack offers the first week of trading commission-free. To open a trading account, go to mytrack.com or call 1-800-myTrack. |
