NEWS!!!!
IPO News
Thu, 13 May 1999, 9:35am EDT
MYDISCOUNTBROKER.COM CUSTOMERS TO GAIN ACCESS TO IPOS
THROUGH
Wit Capital
Group
DALLAS, May 13 /PRNewswire/ -- Mydiscountbroker.com, the on-line
subsidiary of Southwest Securities Group, Inc. (NYSE: SWS), today announced
plans to offer its customers access to initial public offerings (IPOs) through
Wit Capital Group.
Wit Capital, a pioneer in using the Internet to sell stocks to individual
investors, has participated as a member of the underwriting group in dozens of
public stock offerings since 1996.
"We are delighted to be able to open this new opportunity to our
customers," said Bruce Zucker, Mydiscountbroker president. "Wit Capital has
become well-known as the 'e-manager' of several high-profile public
offerings." Wit and its participating on-line brokers distributed shares of
such offerings as Earthweb and Marketwatch.com, among others, to individual
investors.
"This is a prime example of how the Internet is leveling the playing field
to give individual investors equal footing with large investors and
institutions," Mr. Zucker said. Mydiscountbroker anticipates that its
customers will have an opportunity to participate in an offering sometime in
the third quarter of 1999.
Mr. Zucker said Mydiscountbroker's e-dealer agreement with Wit Capital
would allow the on-line firm's customers to participate in IPOs that are
managed by such top tier investment banks as Goldman Sachs, Morgan Stanley
and
Merrill Lynch.
All on-line brokers participating with Wit Capital are guaranteed equal
access to electronic offering materials and are provided a means to collect
conditional orders from their customers and route those orders to Wit
Capital's central, electronic book. Allocations are then made on a
first-come, first-serve basis.
Mydiscountbroker.com emphasizes high-quality customer service while
providing Internet investing at competitive prices. In addition to stocks,
options and bonds, the firm also offers clients free, unlimited checking, free
checks, no-fee IRAs and a broad spectrum of no-load and low-load mutual funds.
Mydiscountbroker.com is a member firm of the National Association of
Securities Dealers and is a wholly owned subsidiary of Southwest Securities
Group, Inc.
SOURCE Mydiscountbroker.com
-0- 05/13/99
/CONTACT: Jim Bowman, Vice President - Corporate Communications of
Southwest Securities Group, Inc., 214-859-9335, or email, jbowman@swst.com/
/Web site: swst.com
/Web site: mydiscountbroker.com
(SWS)
CO: Mydiscountbroker.com; Southwest Securities Group, Inc.; Wit Capital
Group
ST: Texas
IN: FIN MLM
SU:
-0- May/13/1999 6:59
EOS (PRN) May/13/99 06:59 86
-0- (PRN) May/13/1999 7:14
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