Track Data Launches the Track ECN With Largest Rebate in the Industry
$5 Per Thousand Shares Rebate to Attract Customers, Plus SuperSoes Participation
NEW YORK--(BUSINESS WIRE)--April 15, 2002--Track Data Corporation (Nasdaq NMS: TRAC - news) today announced the official launch of Track ECN, an Electronic Communications Network that enables traders to display and match limit orders for stocks.
Track ECN will supplement its liquidity by participating in SuperSoes(SM), Nasdaq's primary order routing and automatic execution system for Nasdaq National Market securities. This participation will allow access to Track ECN by customers who are not direct subscribers. Customers adding liquidity (limit orders that are posted to the Track ECN order book when there is no existing matching order for execution) will receive the biggest rebate in the industry--$5 per thousand shares--upon execution of their posted order.
``SuperSoes participation offers the potential to add liquidity that could exceed that of the major, established ECNs in a lot of stocks,'' said Barry Hertz, Track Data CEO. ``And to sweeten the deal, we're offering the largest rebate. Traders will have a strong incentive to post orders on the Track ECN.''
``We're counting on the portability of liquidity,'' said Roderick Covlin, EVP of Track ECN. ``ECNs no longer need to be built on the subscriber model--waiting for enough subscribers in a closed pool to build the critical mass of liquidity to make it worthwhile for others to subscribe. The liquidity can now flow to wherever the best deal is...immediately. Right now, with a $5 per thousand shares traded rebate, the best deal is Track ECN.''
PRICE SCHEDULE
Track ECN's price schedule for Nasdaq securities is as follows:
Order that adds liquidity $5 per thousand shares REBATE
Order that removes liquidity $7 per thousand shares CHARGE
For further details on the pricing structure and examples of adding and removing liquidity, potential customers can call Track ECN at 1-888-287-8832 or visit the ECN's web site at trackecn.com
Track Data Corporation first announced on February 21st of this year that its wholly owned subsidiary, Track Data Securities Corp., had received authorization from the NASD and the Securities and Exchange Commission to operate an ECN. This authorization allowed trading of Nasdaq National Market, Small Cap, and exchange-listed securities on its ECN trading platform.
Track Data is a New York-based financial services company that provides direct access brokerage, real-time financial market data, news, and research to institutional and individual investors through dedicated telecommunication lines and the Internet.
For professional investors, Track Data Securities offers proTrack, a direct access trading platform with fully integrated market data. proTrack offers unbiased trade routing, allowing clients control over where their orders are sent. proTrack is also available to broker-dealers as an execution platform.
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), Ameritrade (AMTD), TD Waterhouse (NYSE: TD - 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. |
