London, Jan. 21 (Bloomberg) -- Patsystems Plc, the unprofitable U.K. maker of derivatives-trading software with 31 clients, said it wants existing customers to pay more as the company seeks to stem losses. Its shares fell 9.1 percent. The company, whose loss widened in the three months ended Sept. 30, also said it will spend about 1.1 million pounds ($1.6 million) redesigning its technology to expand its range. Patsystems, which has lost about 90 percent of the 138 million pounds in market value it had when it first sold shares in March 2000, began a review of operations last year after it said annual profit would lag forecasts. The company has sold its products too cheaply and paid salespeople too much, Chief Executive Officer David Jones said in an interview. ``The previous management was trying to sell the product anywhere and to anyone,'' Jones said. ``We've now got a more accurate view of our market.'' Shares in Patsystems, which plunged 90 percent in 2001, dropped 1 penny to 10p.
Should be interesting to see how they get out of that mess. Especially with all the direct access brokers coming on stream for SSF's. Gonna be alot of platforms out there for free.
m_c_a98, What brokerage are you with? I just spoke with someone at Global Futures who told me that there was no extra charge for use of J-Trader, at least with them. Richard