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SNMD added to the list.
Julius
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Sun New Media Inc., formerly SE Global Equities Corp. (SE Global), incorporated in October 2000, through its subsidiaries and affiliates, is a provider of direct access trading software and financial resources for international investors. The Company provides its customers with access to its global alliance network of 28 brokerage firms, 24 hours a day, covering 29 stock exchanges spanning five continents. The Company provides direct access trading software, SE Global Trade and SEG Lite, and market data through a formal licensing and worldwide distribution agreement with Direct Access Financial Corporation (Direct Access). The Company pays a licensing fee to license the direct access trading software. The Company has three wholly owned subsidiary companies, namely Global-American Investments, Inc., SE Global Capital, Inc. and SE Global Equities Inc.
Users of the SE Global Trade and SEG Lite software open trading accounts directly with SE Global's subsidiary, Global-American Investments, Inc., which is a United States registered broker-dealer, or through any one of SE Global's alliance brokers. Those users of the software who choose to open accounts with Global-American Investments, Inc. or any of the Company's alliance brokers are provided with direct access to the relevant broker. SE Global Trade and SEG Lite route orders through channels that directly match buyers and sellers
Effective July 7, 2004 the Company entered into an agreement to acquire 90% of the issued and outstanding shares of Fidelity Asset Management Inc. (FAM), a broker-dealer based in Huntington Beach, California, for $10,000. FAM is a NASD registered full-service, broker-dealer in good standing with the regulatory bodies. The Company is awaiting final NASD approval for the acquisition of FAM. As of December 31, 2004, the acquisition of FAM was not completed. It is anticipated that the acquisition of FAM will be completed in April 2005.
On July 22, 2004 the Company announced a planned acquisition of the business operations of CPY Holdings LLC (CPY), a broker-dealer based in Fremont, California. As of December 31, 2004, the acquisition of CPY was not completed. The Company will not be proceeding with the acquisition of CPY as a result of CPY not meeting certain revenue requirements as stipulated by SE Global.
The Company's competitors include AmeriTrade Online Holdings Corp., Charles Schwab & Co., Inc., CSFBdirect, E*TRADE Securities, Inc., Fidelity Brokerage Services, Inc. and TD Waterhouse Securities, Inc. |
