Am I the only one excited about this?!?! ------------------ http://biz.yahoo.com/bw/010621/2454.html Thursday June 21, 4:18 pm Eastern Time Press Release A.B. Watley Launches Direct-Access `Flat-Fee' Trading Program NEW YORK--(BUSINESS WIRE)--June 21, 2001-- -- Watley to Provide `Flat-Fee' Trading to Professional Traders Unlimited Direct Access Trading for a Flat Monthly Fee `Flat-Fee' Trading to be Available Via the Internet or NY Offices `Flat-Fee' Trading Television Advertising Campaign in Mid July A.B. Watley Group Inc. (NASDAQ: ABWG - news), premier provider of financial services technology (http://www.abwatley.com), today announced the creation of a direct access `flat-fee' based trading program aimed towards the professional trader to be launched in mid July 2001. The direct access `flat-fee' trading program will allow participants to use A.B. Watley's proprietary direct access trading platform, UltimateTrader® II, to execute an unlimited number of trades for a flat monthly fee. The launch of the direct access `flat-fee' trading program will be accompanied by a television based advertising campaign this summer. ``Today, thousands of professional traders pay in excess of $20,000 per month in commissions. Given the immense size of the professional trader market, we believe that many of these traders will choose to participate in our revolutionary direct access `flat-fee' trading program. A trader currently paying $20,000 per month in brokerage fees will pay on average $5,000 per month trading with A.B. Watley,'' stated Robert Malin, President of A.B. Watley, Inc. ``Professional traders who wish to participate in our `flat-fee' trading program will be able to do so from any location in the world through the internet or by using A.B. Watley's state of the art direct access trading facilities located in our Wall Street, NYC office.'' ``A.B. Watley anticipates attracting a significant number of professioanl traders with this new and exciting program, which is expected to enhance our revenues dramatically. On a pro forma basis with just 500 new professional traders on our system., we would realize a minimum revenue enhancement of $2.5 million a month. Along with the anticipated summer launch of our first software licensing agreement, we feel very excited with our progress to date.'' stated Steve Malin, CEO of A.B. Watley. ``Our technology infrastructure built upon the stability and scalability of our UltimateTrader® II system as well as our back office trade support and front office customer support infrastructures will allow us to handle the dramatic increase in order flow that is expected to be generated from this program,'' commented Leon Ferguson, A.B. Watley Group CIO. ``Also, by allowing our direct access `flat-fee' traders the ability to trade from within our trading facility in NYC, we will not only be able to better anticipate the needs and requirements of our active trader client base but will also be able to quickly incorporate those needs and requirements into future versions of UltimateTrader II, thereby allowing us to continuously improve our trading products and services.'' A.B. Watley expects to open up additional trading facilities aimed towards the direct access `flat-fee' trader in the near future. About A.B. Watley Group Inc. A.B. Watley Group Inc. is a financial services software company that owns and operates A.B. Watley, Inc., a New York-based NASD registered broker/dealer. A.B. Watley, Inc. is among the largest direct-access brokerage firms in the industry and operates an Institutional Sales and Trading Division specializing in the execution of complex and sensitive large-block equity transactions for institutions in the buy-side community. A.B. Watley Group licenses software technology and provides trading solutions for E-Brokerages, banks, direct-access firms and clearing corporations. Through A.B. Watley, Inc. the firm provides one of the highest quality trading platforms available at among the lowest costs in the industry. A.B. Watley Group's technology has been featured in three (3) case studies by Sun Microsystems and was featured in the SUNW annual report. A.B. Watley Group Inc.'s competitors include NYFIX, E-Speed, OM Group, Trade Cast, Ameritrade and Charles Schwab. The firm is located at 40 Wall Street and on the web at http://www.abwatley.com. Safe Harbor Statement Certain statements contained herein, including statements regarding the development of services and markets and future demand for services and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995, as amended). Any number of conditions may occur which would materially affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, customer trading activity, loss of one or more significant customers, change in technology, issues involved in the launch of new or modified software programs, issues involved in acting as licensor for proprietary software, shifts in competitive patterns, ability to manage growth effectively, risks associated with acquisitions including integration risks, risks associated with strategic partnerships, various project-associated risks, substantial competition, general economic conditions, risks associated with intellectual property rights, risks associated with international operations and other risk factors listed from time to time in A.B. Watley Group Inc.'s filings and reports with the Securities and Exchange Commission.
If you check out the reviews, it sounds like their software is pretty unreliable. Do they still offer Real Tick as an alternative?
Dustin, don't you trade JNPR exclusively? The reason I ask is, I believe that OnSite Trading allows you to trade the same security repeatedly on the same day and only charges one commission. At least, they sent me an email a while back stating that that was their policy; I don't know if that has changed, or even what the stipulations are. I still have an account with them; I only trade with them on occasion because of their commission structure. (I don't like to trade just one stock) The only problem I have with their software is it freezes on occasion--I'm referring to when a stock has an extreme volume surge. I mean, I was watching JNPR right at the open, and no problem, so it's pretty rare but it does happen. Anyway, I think if I'm correct and you trade JNPR only, you may be able to get away with $40/day in commissions. They also have a keyboard that they sell made specifically for order entry on Redi Plus. I haven't seen it up close, but it supposedly is a lot easier than using a standard keyboard.
mjt, I went on their site and looked for that deal bit didn't see anything. Has anyone else heard of this?
Dustin/mjt--I'm very interested and will seek more info on both of your posts. I'm so fed up with cyber. I don't yet trade enough for $10 price so I get hurt. Dustin -I forget why but I was under the impression you moved out of cyber to Ib??
I'm in the process of setting up an account with AB Watley for this "Flat-Fee" program. In a couple weeks I will post an update about the software/support/stability etc. Info: http://www.abwatley.com
I just read on Yahoo boards that Terra Nova is willing to match Watley's flat fee charges. Also I just noticed that Watley has bought On-Site Trading. Watley is headed for the trash heap I suspect. Their software has no unique features and they lack the critical mass of IB, TN, Redi, Tradecast, or Cyber to innovate. Most high volume traders will probably stick to their own platforms RediPlus, RealTick, TradeCast etc etc. Maybe they'll get lucky and Etrade will buy em out. imho
That guy on the Yahoo board was full of **it. I spoke with Gotham for TNT's "Elite" traders department this afternoon. Although he says he would aggressively try to bring down my commissions to something near AB's schedule they won't just "match" AB (the TNT people weren't even familiar with the details of AB's new schedule). The AB guy that has been helping me said over the past two weeks they have been opening accounts like crazy, with big guys used to paying $50k+/mo in comms. He called their new schedule a "buffet" for the big guys. Should have AB account running today or tomorrow...will give an update later this week.