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Non-Tech : Wit Capital - The way of the future? -- Ignore unavailable to you. Want to Upgrade?

To: Manny who wrote (476)	3/3/1999 10:41:00 AM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 16809

from Bloomberg Wit Capital Names Ex-NDB Chief Lang to Head Digital Market 3/3/99 10:9 New York, March 3 (Bloomberg) -- Wit Capital Corp., an online investment bank, said it hired a former chief executive of National Discount Brokers Group Inc.'s online brokerage to oversee its planned after-hours stock trading business for individual investors. Everett Lang, who served as the chief executive of NDB's brokerage until December 1997, will be president of Wit Capital's ''digital trading facility.'' He will report to Ronald Readmond, Wit Capital's president and chief operating office. Eclipse Trading, a firm founded by two former securities regulators, plans to start a similar after-hours market this year. Lang will be responsible for the design and introduction of Wit Capital's digital trading facility, which is expected to begin operation in mid-1999, Wit said. ''Everett is an innovator and a pioneer in the discount brokerage industry,'' Readmond said in a statement. ''His tremendous knowledge of the retail industry and his proven willingness to break new ground make him ideal to lead us forward with another important platform for individual investors." The after-hours market will let individuals trade stocks after the markets have closed, the firm said. The project eventually will operate 24 hours a day. Investors, operating through an online brokerage account, will be able to trade directly with each other, potentially avoiding the wide spreads between the price at which brokers will buy and sell a stock, Wit said. Closely held Wit has helped underwrite initial public offerings for companies such as Marketwatch.com Inc. and Earthweb Inc. Its chairman and chief executive, Robert Lessin, is a former vice chairman of Citigroup Inc.'s Salomon Smith Barney Inc.