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CyBerCorp: Day Traders Suing E*TRADE Should Not Have Been
With a Traditional Internet
Brokerage to Begin With
AUSTIN, Texas, Feb. 12 /PRNewswire/ -- Some of the plaintiffs suing E*TRADE
over that
company's technological difficulties have no one to blame but themselves, according to
Philip R.
Berber, the CEO and founder of CyBerCorp, an electronic trading technology group.
''Many of the plaintiffs, as well as many other online day traders should not have been
trading with
E*TRADE or any other traditional Internet brokerages,'' said Berber in response to
lawsuits recently
filed against E*TRADE concerning that company's technology problems and the delays
they caused.
''The current, first-generation Internet trading companies were designed for occasional
investors, not
high-activity day traders who enter and exit positions repeatedly during the day.'' Day
traders
demand sophisticated, high- speed, direct access technology in order to get the fastest
executions
and best prices, which will lower their transaction costs.
''Online traders and investors need to understand the game played by the Market
Makers and the
influence they can have on particular stocks. They also need to understand the
mechanics of the
ECNs. Without the required experience and technology, the risk/reward of day trading
using these
first-generation Internet brokers simply does not stack up -- they are onto a hiding to
nothing. It was
inevitable that they were going to get hurt. The market and the system they were using
were simply
not up to the task.''
Berber and his company are familiar with the technological needs of day traders, having
spent the
past three years and more than $6 million developing CyBerTrader, a real-time, Level II
-- based,
electronic trading and execution system, which is used in around half of the major day
trading rooms
in the U.S. and accounts for more than 12 million shares executed each day.
CyBerTrader became available online via the Internet a year ago through CyBerBroker,
CyBerCorp's brokerage subsidiary.
In order to open an account at CyBerBroker and receive the CyBerTrader software,
investors must
meet a strict set of qualifications. CyBerBroker interviews each applicant to determine if
they have
the knowledge and experience that it requires to use a high-end, real-time, direct-access
day trading
platform. CyBerBroker accepted only one out of four traders who applied to open an
account last
year. ''It's a question of suitability and safety,'' said Berber.
Direct access technology, such as CyBerTrader, allows the trader to download the
software on their
PC, and then connect directly, via the Internet and the electronic brokerage, to the
exchanges and
ECNs. Berber claims that the benefit to the trader is ''faster, smarter and better
executions resulting
in lower transaction costs.''
CyBerCorp's web site is at cybercorp.com. CyBerBroker's web site is at
cyber-brokerage.com.
For more information from CyBerCorp, please contact Communications Manager Holt
Hackney at
512-320-5444 or hhackney@cybercorp.com.
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