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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Gangyi Feng who wrote (10233)	11/11/1998 10:19:00 PM
From: Douglas A. Sevy	Respond to of 16892

Found this tonight in todays InformationWeek Daily. It probably will be up and running long before Datek decides to do theirs: _______E-Trade To Create Electronic Options Exchange______ An attempt to create a new options exchange that relies entirely on electronic trading was announced yesterday by a group of technology and financial service companies led by E-commerce pioneer E-Trade Securities Inc. Called the International Securities Exchange, the group has received $2 million in funding from E-Trade and from Web- based broker Ameritrade Holdings Corp.; three securities broker-dealers have also invested in the venture. Compaq and OM Technology are technological partners in the effort. ISE is taking aim at the Chicago Board of Options Exchange and the American Stock Exchange, which dominate the options markets. Although both exchanges have physical trading pits, they are increasingly relying on electronic systems in an effort to reduce costs. The Chicago Board, for example, said Monday that it will increase the volume of equity options that can be traded through its automated system from 25% to 40%. And the American Exchange recently merged with the National Association of Securities Dealers, the parent company of the fully automated Nasdaq Stock Exchange. Even so, the ISE says its electronic system will give it an advantage over its established competitors. "ISE's mission [is] to create and maintain an efficient, cost-effective, and liquid market for stock options through the introduction of a new market structure and automated trading systems," ISE president David Krell said in a statement. ISE will present a formal request to the Securities and Exchange Commission by year's end. If approved, ISE says it would become the first new registered U.S. securities exchange since the Chicago Board started in 1973. --Gregory Dalton