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To: TFF who wrote (9194)	6/26/2001 2:06:16 PM
From: Ira Player	of 12617

I used SuperCharts End Of Day (Stopped mid 1999), an old product of theirs, for a few years. It had some features I liked, but... They had no concept of building the product as an integrated whole. Each area of the software was different, you couldn't paste a group of ticks to add them to the stocks being plotted. Adding a stock to your plot list didn't add it to your download list, you couldn't move ticks from one group to another, you had to delete and add as separate steps. If you deleted a stock, it was still downloaded, unless you remembered....... I complained about the lack of integration then and it doesn't look like they are any better now... And with these warts, they expect people to design a trading system and put it on auto pilot, trusting their software.....LOL Ira

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To: Ira Player who wrote (9195)	6/26/2001 3:08:24 PM
From: Dan Clark	of 12617

Regarding, "They had no concept of building the product as an integrated whole.", this was my exact reaction to TradestationPro. E.g., charts weren't linked to quote sheets or LevelII. And, EasyLanguage code could run against charts, but not against quote sheets or LevelII. Also, it appears that current TS4 and TS2K customers will be left out in the cold. In in Omega-List e-mail forum, a lot of people are angry now at TradeStation because they seem to be dropping support for some data on the TradeStation website. I don't understand the issue or its significance well, but there's some fairly angry posts about it. Should be interesting... Regards, Dan.

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To: mcvcpa who wrote (9192)	6/26/2001 9:56:17 PM
From: Eric P	of 12617

I don't see where the dual liability issue is at the heart of the ECN fear of SuperSOES. To me, the dual liability issue would not really be any different than it now with SNET. If I recall correctly, ISLD currently works as follows: 1) New order comes into ISLD which 'matches' existing order on the ISLD book. 2) ISLD immediately cancels the appropriate number of shares in it's Nasdaq Level II quote. 3) ISLD gets confirmation from Nasdaq of cancellation. 4) ISLD now fills those shares internally with the generated order match. It may not seem like all this is taking place, because ISLD fills are extremely fast. However, I do believe that this is the process that the ISLD order matching takes. At least this was the process ~2 years ago, and it's probably not changed. Regarding SuperSOES, seems like the issue for the ECN's would be "How am I going to get paid?" Currently, they get paid by their subscribers for internal matches and get paid even more heavily for SNET matches. With SuperSOES, I don't believe there is a system in place for the ECN's to receive payment for their services. One way that was proposed was to incorporate their fee into their SuperSOES quotes... i.e. Trader places ISLD order to buy WXYZ at 42.00 => Posted on Nasdaq as a bid at 42.01 to reflect trader gets 42.00 and ISLD gets $0.01 Whatever the case is, I thought the ECN dislike of SuperSOES was due to a reduced or eliminated revenue stream... -Eric

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To: Dan Clark who wrote (9196)	6/27/2001 1:41:03 AM
From: Ira Player	of 12617

Dan, They dropped support for SuperCharts as well. I asked them several times in 1999 about support for some Y2K issues and they continued to say there would be a SuperCharts 2000, like their other products.... They continued to say so in my bi weekly or so E-mail quiries (I kept asking, even though I stopped using the 4.0 version)...they even said there would be one a week before I got an offer for a "reduced rate of only $59 a month (I think, memmory going ...lol) for Windows On Wallstreet, the REPLACEMENT offering for SuperCharts, which would not be upgraded beyond 4.0, build 7.0! The brochure was much to fancy to be knocked out in less than a week, so they knew and lied or didn't inform support of their plans....... Ira

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To: TFF who started this subject	6/27/2001 6:22:36 AM
From: supertip	of 12617

Ameritrade Scrambling By Beth Cox Omaha, Neb.-based Ameritrade Holding Corp., its bottom line suffering from a rapid decline in online trading thanks to the bear market for tech stocks, is set to announce a restructuring on Wednesday, and some job cuts would appear likely. Apparently a widely reported attempt to be acquired by Canadian Imperial Bank of Commerce (CIBC) has fallen through, and Ameritrade (NASDAQ:AMTD) is proceeding with what has come to be business as usual for so many Internet-oriented firms as the NASDAQ market tanked. And it certainly is not the only online brokerage that is being forced to scramble. At least one recent article on financial site Fool.com was headlined: "Is Online Trading Dead?" Ameritrade no doubt would answer that by saying no, but it's clear the landscape has changed. Even the leading online brokerage, Charles Schwab (NYSE:SCH) turned in another disappointing monthly report for May, when it saw average daily trading volume drop 11 percent from last May and 7 percent from April. Last March Ameritrade named a new CEO, Joseph Moglia, who had been a senior vice president in Merrill Lynch & Co. Inc.'s private client group. And just last week the company named a new chief strategy officer and wasn't shy about saying that the move was part of a restructuring plan meant to improve results. Phylis Esposito, an outside management consultant, will be responsible for mergers and acquisitions, strategic alliances, business development and investor relations, the company said, adding that it is proceeding with its client-focused restructuring. The company has been struggling financially for several quarters. For the 26 weeks ended March 30, revenues fell 13 percent to $282.3 million. Net loss totaled $77.2 million, or 30 cents a share, up from $18.5 million. The company's stock closed at $6.54 on Monday, well down from its 52-week high of $21.50. The 52-week low is $3.75. It was down 30 cents in early trading today. In a May 14 10-Q filing with the Securities and Exchange Commission, Ameritrade said that its second 2001 fiscal quarter was adversely affected "by a decline in commissions and clearing fees of 39 percent to $76.4 million from $126 million in the same period a year earlier." The decline was primarily attributable to a decrease in the number of securities transactions processed, as average trades per day decreased 24 percent to 113,000 in the second quarter of fiscal 2001 from 149,000 a year earlier. Clients averaged approximately five trades per account during the second quarter of fiscal 2001, compared to more than 11 trades per account during the second quarter of fiscal 2000. At the time, the company said in the report that it anticipates "that our available cash resources and credit facilities will be sufficient to meet our anticipated working capital and capital expenditure requirements for at least the next 12 months." The company said in its report that it has a revolving credit agreement with a bank group that permits borrowings up to $60 million through December 31, 2001. Analysts polled by Thomson First Call are expecting the company to cuts its loss for the third quarter, with a current mean estimate of a loss of 1 cent a share for Ameritrade's next reporting period.

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To: TFF who started this subject	6/27/2001 10:57:44 AM
From: TFF	of 12617

Nasdaq to Cut Workforce by 10% Due to IPO Slowdown (Update1) Nasdaq to Cut Workforce by 10% Due to IPO Slowdown (Update1) Washington, June 27 (Bloomberg) -- The Nasdaq Stock Market Inc. is reducing its workforce by 10.2 percent, or 137 out of a total 1,343 positions, because of a sharp drop in initial public offerings and other ``market conditions,'' the group said. ``The reduction is in response to market conditions affecting much of the U.S. economy -- which, for Nasdaq, translates into weakness in the new-issue business, including a sharp decline in the number of IPOs,'' the group said. The cuts are in ``non-core'' areas and will not affect top initiatives, such as SuperSoes, which is Nasdaq's new streamlined execution facility scheduled for roll out July 9, Nasdaq said. Also unaffected will be Primex, a new electronic auction system; SuperMontage, Nasdaq's next generation trading platform due out in early 2002; and Nasdaq's global initiatives, the group said. ``Nasdaq is not immune to changes in market conditions,'' said Wick Simmons, Nasdaq's chief executive officer. ``With the changes we are making, we believe that we will be correctly sized for the current and foreseeable market conditions. We have reduced our expense base without impacting SuperSoes, Primex, SuperMontage, and our global initiatives.''

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To: TFF who started this subject	6/28/2001 6:03:36 AM
From: supertip	of 12617

Ameritrade Announces Reorganization By Margery Beck Associated Press Writer Wednesday, June 27, 2001; 3:49 PM OMAHA, Neb. –– Online discount broker Ameritrade Holding Corp. announced a new organizational structure and executive team Wednesday. The move comes less than three months after Joseph Moglia took over as chief executive officer. The new management structure creates two principal business units – a private client division, which offers programs ranging from daily trading to long-term investment, and one for institutional clients. Ameritrade also created the positions of chief strategy officer and chief administrative officer. Pete Ricketts, the 36-year-old son of Ameritrade founder and former CEO Joe Ricketts, will head the private client division. Vince Passione will head the company's institutional client program. Chief strategy officer is Phylis Esposito, and chief administrative officer is Kurt Halvorson. The company said the changes are designed to streamline its reporting structure, drive growth in its private and institutional businesses and dedicate resources to the long-term growth of the company. "Through this reorganization, we will maximize our existing assets by deploying every Ameritrade employee to either directly serve clients or directly support someone who does," said Moglia, who had had been a senior vice president at Merrill Lynch & Co. before joining Ameritrade in March. The company reported a net loss of $54.19 million for the second quarter of this fiscal year ending in April after spending more than $62 million in the quarter to reduce its debt. Ameritrade has continued to accumulate new accounts, however, growing to almost 1.5 million in April from about 992,000 in April 2000. In late trading on the New York Stock Exchange, Ameritrade shares were up 31 cents, or 4.9 percent, to $6.68 a share.

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To: Evil Speculator (tm) who wrote (9178)	6/28/2001 2:05:00 PM
From: mst2000	of 12617

Long time, no talk. Hey, I know it's a one trick pony with me, but I still thought you might be interested in eVWAP's volume today: 8,150,000 revenue shares (4,075,000 x 2). This is by far eVWAP's highest volume day so far, and from the recent trending of system volumes, looks like it may be the tip of the iceberg (it certainly appears that some sell side dealers are now committing contra-liquidity to the system, which should help attract buy-side desks that have held off thus far, given the higher match efficiencies that the presence of liquidity commitments creates, and the increasing problems buy side desks have had with big fills due to decimilization). Anyway, they still await approval to trade NASDAQ stocks (right now, it's still only the top 100 NYSE listed securities, and the NYSE components of the S & P 500), final NASD approval for their B/D subsidiary to operate their market-on-close system (eCLOSE) as an ATS, and SEC approval to operate a post-open matching session at 10:30 a.m. (with the VWAP from that session being calculated from 10:30 a.m. - 4:00 p.m.), all of which should add further volume and participation (or so it would seem intuitively). Any sense of how LiquidNet has done since its inception? I had heard that the volumes have tailed off since the first week or so, but have not been able to figure it out. Or NYFIX's Millenium? As always, thanks for your input. MST

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