"Terra Nova, of course, will emerge ahead of the pack" 1 Giant Corporate Conglomerate 1 Software vendor that sticks it to new traders with ticket fees 1 Smiling Snake Oil Salesman 1 "Open Forum" web site that censors all criticism and allows blatant self-promotion
If you notice most of these don't have office traders in various locations..just online remote traders. I think you'll see alot if not most retail direct access firms with in-house traders close their offices. I just read on another thread that Protrader closed a couple of offices. Most high volume/high leverage traders that trade in an retail office setting have or probably will migrate to prop offices.
There must be some truth to what we hear about 90% of all traders loose money. Traders should be able to make at least a little profit in any market as long as there is volatility. There must be a lot of traders that have been busted in this bear market. Reminds me of 1973 and 1974 when almost everyone around me lost 90% of their own money; But today's market so far does not come close to being as bad as the one in 1973 and 1974 when the Dow went to almost half of its high (1060 to 571 are the numbers I recall) and almost all stocks had PE's in a range of 1 to 6. I think in our current bear market, a lot more brokers will throw in the towel and some of them may be where I have accounts (not a good thought). Catoosa
BSAM wrote: "Amusing Jeff.....You don't believe IB will make it?" No clue. I only go with what I know. I think there will be other players who survive and my list was, by no means, exhaustive. I'd like to clear up a misconception. Executioner didn't fail. The guys running it wanted to head in a different direction. It was a Terra Nova branch since its inception, and Terra Nova has taken over support of its customers.
TradeStation Group Announces Record Brokerage Revenues 2002 First Quarter Brokerage Revenues Increase 25% Over Prior Quarter and 35% Year Over Year Customer Accounts Grow 76% Over Prior Quarter
A.B. Watley Group Inc. Comments on Delisting Proceedings, Management Changes, $5,000,000 E*TRADE License Agreement Amendment and $2,500,000 Loan NEW YORK--(BUSINESS WIRE)--April 12, 2002--A.B. Watley Group Inc. (NASDAQ:ABWG - news), premier financial services software provider (www.abwatley.com), announced that it had received a determination on April 3, 2002 from the Nasdaq Listing Qualifications Panel that the Company's request for continued listing on The Nasdaq National Market was denied. In accordance with such denial, the Company's common stock was delisted from the Nasdaq Stock Market effective with the open of business, April 4, 2002. The Company's common stock is currently being traded on the pink sheets. Steven Malin, Chairman of the Board of Directors of the Company, stated ``the Company expects to correct the deficiencies which led to such delisting and appeal the determination. There can be no assurance, however, that such appeal will be successful.'' The Company has restructured its software license agreement with E*TRADE Group, Inc. to grant E*TRADE a perpetual license of the Company's proprietary software for a flat fee rather than a limited term license with fees based on monthly usage. The Company will perform certain additional customization of its software and transition services for E*TRADE and will receive aggregate compensation of $5,000,000, paid in cash and E*TRADE stock, upon completion of such customization and transition. Watley retains all ownership interest in its proprietary software. The Company also announced that the following changes in management have been made: Steven Malin has resigned as Chief Executive Officer, remaining as Chairman of the Board; Leon Ferguson, Executive Vice President and Chief Information Officer, has been named Chief Executive Officer; Anthony Huston has resigned as President and director; and Joseph Ramos has resigned as Executive Vice President and Chief Financial Officer. Jan Chason, a former partner at Ernst & Young LLP, is acting as interim Chief Financial Officer. The Company announced that one of the holders of its Series A Convertible Preferred Stock leading an investment group has lent an aggregate of $2,500,000 to the Company. The proceeds of such loans will be used for working capital. A member of the group received warrants to purchase 1,000,000 shares of the Company's common stock as part of its $1,600,000 loan. In connection with the loans, the holders of more than ninety percent of the Company's Series A Convertible Preferred Stock have (1) waived all adjustments to the (a) conversion price and the number of shares of stock issuable upon conversion of the Series A Convertible Preferred Stock and (b) exercise price of the warrants and the number of shares of stock issuable upon exercise of the warrants issued to such holders of the Series A Convertible Preferred Stock that would otherwise have been required as a result of the loan from the institutional investor; (2) waived the right to have the Series A Convertible Preferred Stock redeemed as a result of the (a) the Company's failure to have a registration statement covering the shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock and the exercise of the warrants issued to such holders declared effective or, if effective, unavailable at any time prior to September 30, 2002 and (b) the suspension from listing and the failure of the Company's common stock to be listed until September 30, 2002, and (3) waived the right to receive dividends on the Series A Convertible Preferred Stock, which dividends are payable in shares of Common Stock, until the Company's next annual meeting of stockholders and an increase of the authorized but unissued shares of the Company's common stock sufficient to declare and pay accrued dividends on the Series A Convertible Preferred Stock shall have been approved by the Company's stockholders. As a result of the Company's failure to file and have the registration statement declared effective by the agreed upon dates and the delisting, the Company is required to pay liquidated damages to the holders of the Series A Convertible Preferred Stock of 2% of the purchase price paid by such holders for their shares of stock for each 30 day period until the failures have been cured. The holders may demand cash or an accrual to the liquidation preference amount of the Series A Convertible Preferred Stock.
Instinet Accelerates Protrader Integration Instinet Veteran Kimberly Hicks Named CEO of ProTrader Protrader closes offices - down to 5 regional offices New York, April 26, 2002 - Instinet Group Incorporated (Nasdaq: INET) today announced that Kimberly Hicks, Senior Vice President of Instinet Corporation, will become Chief Executive Officer of ProTrader Group, effective immediately. ProTrader is a provider of advanced trading technologies and electronic brokerage services and was acquired by Instinet in October 2001. Hicks will lead Instinet's efforts to compete for business from small hedge funds and professional day traders, as well as to accelerate the rollout of new and enhanced products for the direct access trading community. ProTrader Securities President, Craig Howard, and Chief Information Officer, Jim Herbold, will remain in their current positions, reporting to Hicks. Former ProTrader Group CEO, Jay McEntire, will move to Instinet, becoming Senior Vice President of Business Development and reporting to Robert Donovan, Head of Instinet Clearing Services. Jean-Marc Bouhelier, Chief Operating Officer of Instinet, said, "Today's actions signal Instinet's intent to accelerate product deployment and improve operational efficiency. The Instinet Trading Portal, which is based largely on technology acquired with ProTrader, is our new trading application for US active fund managers and hedge funds. The product is currently being used by 26 Instinet clients and the feedback we are receiving is overwhelmingly positive. I commend Jay for his many contributions at ProTrader and for his collaboration with Kimberly over the past six months. This has contributed the successful integration of ProTrader into Instinet and the rapid development and testing of Instinet's Trading Portal." Kimberly Hicks, ProTrader's Chief Executive Officer, commented, "We are committed to providing value to our growing list of direct access customers, continuously seeking creative solutions that allow them to take advantage of Instinet's liquidity and connectivity to other liquidity pools. ProTrader will continue to support its existing customer base and all ProTrader product lines, including gr8trade, a leading direct access trading platform. We are taking steps to better meet customers' needs by enhancing the quality and speed of our offerings, including our order entry capabilities, market connectivity and market information." ProTrader's Austin, Texas location will serve as a 'Center of Excellence' for the continued creation, enhancement, and support of trading technologies. James Herbold, ProTrader's Chief Information Officer, added, "The technology team at ProTrader is committed to providing fast quotes and fast executions, bundled with innovative trading tools, deployed on a robust network and accompanied with excellent customer service." Since the ProTrader acquisition was completed in October 2001, Instinet has taken measures to restructure ProTrader's retail outlets, concentrating on five regional locations, with many customers shifting to products supported through the Internet. Other recent actions have also been taken to achieve operating efficiencies within the Company. About Instinet Instinet, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions for more than 30 years. Our services enable buyers and sellers worldwide to trade securities directly and anonymously with each other, have the opportunity to gain price improvement for their trades and lower their overall trading costs. Through our electronic platforms, our customers also can access over 40 securities markets throughout the world, including Nasdaq, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. We also provide our customers with access to research generated by us and by third parties, as well as various informational and decision-making tools. Unlike most traditional broker-dealers, we act solely as an agent for our customers and do not trade securities for our own account or maintain inventories of securities for sale. For more information, please go to www.instinet.com. ###
What do you mean by, "the offering of the notes and lack of interest is troubling." What offering? What notes? Lack of interest in what? THanks..
Ahhh - those notes... nevermind. Anyway, lack of interest in notes of any sort the last few months is not at all surprising.