makes me wonder if Datek's PR people have ever read this board and/or experienced Datek on a personal level
Datek, many times, seems more like the Bermuda Triangle of Trading
still waiting for the "silly fast" executions promised here oh so long ago by a Datek insider
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Melissa Fox, melissa@middleberg.com
Jed Hamilton, jed@middleberg.com
Middleberg + Associates, 212-888-6610
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Datek Online Experiences 60% Growth in Transaction
Volume for Fourth Quarter 1998
PR Newswire - January 15, 1999 20:15
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NEW YORK, Jan. 15 /PRNewswire/ -- Datek Online, consistently ranked as the fastest growing
player in the online brokerage industry, experienced growth of 60% in transaction volume during the
fourth quarter of 1998. Transactions for the quarter totaled 2.2 million, compared with 1.3 million
during the previous quarter. The company also added 27,000 new customer accounts during the
quarter and customer assets grew to $3.65 billion, an increase of $650 million.
"We have experienced phenomenal growth quarter over quarter since our launch a little over two years
ago, but 1998 has undoubtedly been a big year for Datek Online," said Jeffrey A. Citron, chief
executive officer of Datek Online Holdings Corp., the brokerage parent.
Datek Online, ranked as the fifth largest broker, is well positioned for continued growth with more
than 152,000 active customer accounts, an increase of 230% over the previous year.
Datek's average daily trade numbers jumped 60% during the fourth quarter to 33,700 trades per day,
up from 21,272 trades per day during the third quarter. Datek Online experienced a series of
record-breaking days during the quarter. During the fourth quarter, the firm broke its third quarter
record on 36 out of the 64 trading days. These remarkable growth trends are continuing on into 1999.
In the first two weeks of the year, Datek Online has already experienced 3 record-breaking days, most
recently on January 12th with 67,174 executions.
Earlier this month, Datek Online announced a significant addition to its management team with the
appointment of industry pioneer Edward J. Nicoll as president of Datek Online Brokerage Services.
Mr. Nicoll, a co-founder of Waterhouse Securities, Inc., will be responsible for managing Datek
Online's retail brokerage operations.
Throughout 1998, the firm added a number of other senior management positions, including John
Grifonetti as chief financial officer, Jerry Duhovic as chief compliance officer and Ralph Sorrentino as
president of Datek Online Clearing Corp. Datek Online also added 161 new employees, increasing the
total to 377 by the end of the year.
"The addition of these key players to the Datek Online team will not only help us remain the fastest
growing online brokerage firm, but will also take us to the next level in this emerging industry," said
Mr. Citron.
Datek Online has been consistently ranked by both analysts and customers among the top firms in the
industry. The firm was ranked number one by TheStreet.com in a survey of online brokerage account
holders and the number two overall online brokerage firm by both Barron's and SmartMoney.
Industry reports from Credit Suisse First Boston, Piper Jaffray and Gomez Advisors also rank Datek
among the online brokerage industry's top firms.
One of the earliest pioneers in online investing, privately held Datek Online is the nation's fastest
growing and fifth largest online brokerage firm. Datek Online empowers individual investors by
providing them with direct access to the financial markets through innovative technology. Located on
the World Wide Web at datek.com, Datek Online was established in 1996 and is
headquartered in Iselin, NJ.
SOURCE Datek Online
/CONTACT: Melissa Fox, melissa@middleberg.com, or Jed Hamilton,
jed@middleberg.com, both of Middleberg + Associates, 212-888-6610, for Datek
Online/
/Web site: datek.com |
