NexTrade Wins Major Arbitration Award For ECN Access Fees
Monday October 20, 10:57 am ET
CLEARWATER, Fla., Oct. 20 /PRNewswire/ -- NexTrade Holdings, Inc. ("NexTrade Holdings") announced today that Friday, October 17, 2003, it was awarded a major victory in an arbitration seeking to collect past due ECN Access Fees. The arbitration panel awarded NexTrade 9/10ths of a penny per share, plus finance charges and hearing fees.
"This is a landmark victory; we won every penny we are authorized by the Commission to charge, plus substantial finance charges and hearing fees," said John Schaible, President of NexTrade. The final hearing took place in Tampa, Florida. The lead trial counsel for NexTrade was Daniel Caamano V of Caamano & Associates, PA.
"Daniel Caamano did an excellent job in the case. Mr. Caamano proved that the Commission used specific language to authorize NexTrade to charge access fees and that NexTrade adhered to that language exactly. As a result, our right to charge is indisputable. The panel ruled in NexTrade's favor. Mr. Caamano proved that the maximum rate charged under the No-Action letter is commercially reasonable. To argue otherwise would be to assert that the Commission permits commercially unreasonable behavior from brokerage firms. The panel ruled in NexTrade's favor. Finally, Mr. Caamano proved that even though we did not have a formal agreement with the brokerage firm in question, there was in fact a contract for business, which was breached by the Respondent's failure to pay. This breach entitled NexTrade to substantial finance charges on the money owed by the firm in question from the time when the invoices were due to the day of the hearing. We believe that this major victory will send notice to any other firm that has refused to pay properly rendered invoices. Hopefully, it will inspire those firms to work with us for a mutually beneficial resolution, which is what we would prefer," Mr. Schaible finished.
About NexTrade Holdings
NexTrade Holdings is a technology firm committed to building the world's finest electronic securities trading systems. In 1998, its wholly owned broker-dealer subsidiary, NexTrade was granted approval from the United States Securities and Exchange Commission to operate as an Electronic Communications Network (ECN), which electronically brings buyers and sellers together. In 1999, NexTrade Holdings established a subsidiary that applied with the SEC to become a registered, for-profit, fully electronic, 24-hour securities exchange. Additionally, NexTrade Holdings established another subsidiary that plans to become a fully electronic futures exchange. For more information, visit www.NexTrade.com. |
