Siebert Financial Buys Accts From TradeStation Securities A predecessor company of TradeStation, OnlineTrading.com, bought the brokerage accounts from Newport Discount Brokerage Inc. in late 1999 for $2.7 million, plus stock. At the time, the accounts represented 7,700 customers and $470 million in customer assets. A few months later, OnlineTrading merged with Omega Research Inc. to form TradeStation. Siebert said in a press release Tuesday that the all-cash purchase price wouldn't be disclosed. The New York financial services company said in a May 15 Securities and Exchange Commission filing that it used about $4.3 million in combined working capital toward the TradeStation transaction and a recently announced a marketing alliance with Intuit Inc. (NasdaqNM: INTU - News) . Siebert representatives couldn't be reached Tuesday for an estimate of the TradeStation customer assets acquired in the deal, which closed May 8 . TradeStation Chief Financial Officer David H. Fleischman declined to provide the purchase price or estimate the value of the assets in the agreement.
http://www.daytradersusa.com/tharp.html i can read :"SuperSoes and SelectNET act in a very similar fashion. The professional isnât allowed to use this option" The use of Supersoes is available for everybody even professionals.
Tuesday May 28, 7:30 am Eastern Time Press Release SOURCE: Siebert Financial Corp. Siebert Financial Corp. Acquires Accounts from TradeStation Securities, Inc. NEW YORK, May 28 /PRNewswire-FirstCall/ -- Siebert Financial Corp. (Nasdaq: SIEB - News) today announced the purchase, in an all-cash transaction, of certain retail discount brokerage accounts of TradeStation Securities, Inc. The purchase price was not disclosed. The acquisition of the accounts, which TradeStation earlier acquired from Newport Discount Brokerage, Inc., is expected to be immediately accretive to earnings. Muriel Siebert, president and chairwoman of Siebert, said: "These accounts, which have been serviced by TradeStation Securities' main office in Boca Raton, Fla., will be seamlessly integrated into our Boca Raton office, or any of our other offices, at the customer's request. The TradeStation customers will be offered our award-winning Internet service, broader product line, including municipal bonds and other fixed-income offerings, and a high level of personal attention by live brokers and customer service representatives on the telephone and at our branches." "We are sure they will appreciate our comprehensive monthly account statements detailing profit/loss for securities held -- quarterly, by tax lot -- and our low commission and margin rates which we negotiate for active traders and large-balance accounts," Ms. Siebert said. Ms. Siebert added: "The customers will be converted to Siebert's clearing firm and begin to receive the benefits of being Siebert customers in August 2002. This transaction is part of our continuing effort to expand our customer base by acquisition. We have five offices in Florida, and we hope this will be followed by other acquisitions in the Florida area and elsewhere." Ms. Siebert noted that over the past year, in a difficult market environment, other major discount brokers have raised commission rates, added inactivity fees and imposed or raised minimum balances for avoiding them, while Siebert has held the line with no required minimum balances, no inactivity penalties and no increase in commissions or fees. Ms. Siebert, who established one of the first discount brokerages in 1975 when commissions became negotiable, said she believes that when people have already lost money in an unforgiving market environment, brokers should not penalize them further with increased fees and trading commissions. Siebert recently announced an exclusive strategic alliance with Intuit Inc., the maker of Quicken software products, to offer discount brokerage services to Quicken and Quicken.com users. The brokerage service will be launched later this year. Siebert is the only discount broker to rank in SmartMoney's top three for the past four years and the only online broker to rank in Kiplinger's Personal Finance Magazine's top three for the past three years. Last year, it ranked as one of Money's best online brokers, and just received a four-star ranking, the highest given, in Barron's 2002 Online Brokers Survey. Siebert Financial Corp. is a holding company, which conducts all its operations through its wholly owned subsidiary, Muriel Siebert & Co., Inc. ("Siebert"). A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975, when discounting was first permitted. Siebert conducts its municipal investment banking activities through Siebert, Brandford, Shank & Co., LLC, a separate affiliate specializing in municipal and financial advisory services. Siebert is based in New York City with additional retail branches in Boca Raton, Palm Beach, Surfside and Naples, Fla.; Beverly Hills, Calif., and Jersey City, N.J. In addition, Siebert, Brandford, Shank & Co. has offices in New York City, San Francisco, Los Angeles, Seattle, Houston, Chicago, Detroit and Dallas. Certain statements in this press release, including those regarding future potential profitability, are forward-looking and actual results may differ materially. Among the factors that could cause actual results to fluctuate and differ are the following: changes in general economic and market conditions, fluctuations in volume and prices of securities, changes and prospects for changes in interest rates and demand for brokerage and investment banking services, increases in competition within and without the discount brokerage business through broader service offerings or otherwise, competition from electronic discount brokerage firms offering greater discounts on commissions than Siebert, prevalence of a flat fee environment, decline in participation in equity or municipal finance underwriting, decreased ticket volume in the discount brokerage division, limited trading opportunities, increases in expenses, changes in net capital or other regulatory requirements and risks related to the Year 2000. As a result of these and other factors, Siebert may experience material fluctuations in its operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition, operating results, and stock price. Siebert undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date when such statements were made or to reflect the occurrence of unanticipated events. An investment in Siebert involves various risks, including those mentioned above and those, which are detailed from time to time in Siebert's Securities and Exchange Commission filings. CONTACT: Muriel Siebert, President and Chairwoman of Siebert Financial Corp., +1-212-644-2418 SOURCE: Siebert Financial Corp.
I was speaking to a Broker from ssb and was told that they charge 1.5% for unlimitied trading of stock and options anually w/ a minimum of 50k in the account. So basically, $750 a year for unlimited trades with all of thier services. Is this good or what am i missing. Thanks in advance for the replies! best, Comp
If it's only 1.5% annual fee, I'm there! Provided it's direct access and quick execution and up all the time, etc. Hmmm, I think I'll wait a bit and see how the others far.
c'mon! think about it for a minute! There is no way SSB will be giving so much for a min of $750. There was some such offer made in Canada by a major broker (HSBC, ML, I don't remember) and they had a tiny asterix added.....which then went on to explain in excrutiatingly small font that there was actually a limit to the number of trades and that they would not allow you to "day-trade" in the account.
Hey now take it easy was just asking for some helpfull insight, wasnt making any promises. I was told that it was unlimited and to goto the ssb website for a trial. This was quoted from someone I personally know that has allways been straight up w/ me. I was just wondering if this was a good deal or if thier is better. Comp
Merrill Lynch made headlines with this Unlimited Advantage program a couple of years ago: http://askmerrill.ml.com/product_details/1,2270,20372,00.html Of course, they won't come out and tell you what the volume limitations are, or even whether that percentage is per-year or per-quarter. One thing I found odd was that there are additional charges for purchases of ML underwritings. IPOs are one of the few things that are _non_commissionable_ normally, since the underwriters get their (large) cut off the top of the proceeds.
Here's it is: "If trading exceeds certain thresholds, trading surcharges will apply to equity and option transactions." I love how vague it is! That language is brought to you by a $750/hr lawyer.