Track Data's Track ECN Introduces Second Pricing Model Offering Free Access to Market Participants
Rebate Pricing Model Continues Under "TRAC"; New Free Access Model Under "DATA"
Monday October 14, 10:41 am ET
NEW YORK--(BUSINESS WIRE)--Oct. 14, 2002-- Track Data Corporation (NASDAQ: TRAC - News) today announced that Track ECN has introduced a second pricing model offering free access to market participants.
Under "DATA," the brand new Market Participant ID ("MPID") just issued to Track ECN by NASDAQ, Track ECN will post orders and not charge an access fee to those who take away liquidity through NASDAQ.
In offering the new "Free Model," Track ECN will establish a number of firsts on NASDAQ's new SuperMontage trading platform:
first ECN with a pricing model that does not charge an access fee to those who take away liquidity through NASDAQ
first ECN to display bids and offers in the first tier with the Market Makers (as opposed to the second tier, with those who charge an access fee)
first ECN offering two pricing models on SuperMontage simultaneously
Track ECN will continue to offer its original pricing plan, now referred to as the "Rebate Model," under "TRAC," its original MPID. Subscribers will continue to receive a rebate of up to $5/thousand shares traded and those who take away liquidity will continue to be charged $7/thousand shares traded.
Track's two MPID's may be active in the same security at the same time. Having the MPID of "TRAC" for the Rebate Model and "DATA" for the Free Model should help everyone keep the differences straight. Also, SuperMontage separates out those who charge access fees and those who do not, so that makes it very easy to determine which order will result in an access fee.
"Track ECN has been a leading liquidity provider on NASDAQ's SuperSOES for a while, but our Rebate Model does not appeal to everyone in the market," said Rod Covlin, Executive Vice President of Track ECN. "Our Free Model allows us to offer services to a different market--those looking to be first in line for executions."
"We're very pleased to have Track ECN participate in NASDAQ's SuperMontage and offer a no access fee model," said Dean Furbush, Executive Vice President of NASDAQ Transaction Services.
Track ECN offers subscribers the deep liquidity of NASDAQ, anonymous executions, and speed. For more information about the existing Rebate Model and the new Free Model, please visit the Track ECN web site at trackecn.com.
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. |
