A B Watley to launch Web-based direct access system

A B Watley to launch Web-based direct access system

A B Watley is to launch an upgraded version of its WatleyTrader dealing system on 17 December, promising direct access to various ECNs and alternative trading systems.

The upgraded product will also offer detailed real-time order status, real-time account balances and buying power, and real-time order execution updates, says the company.

"Our goal was to create a Web-based platform that is as fast as our client-server product, UltimateTrader II," states vice president of online development Shawn Lloyd. "Our subsequent upgrade to the platform will include the ability to provide streaming data - including Level II data, order status, position updates, real-time news and the Island book."

The product runs on the Sun Microsystems Unix operating environment and utilises Java technology. Lloyd claims the upgraded platform will position A B Watley as the only 'direct access' Web-enabled trading platform in the marketplace.

The company is also looking to license the product to third parties. It says deals have already been signed with Islandsbanki-FBA, Insider.co.il, Nordnet Securities (Brunswick Direct), and Online Investor.

"The company will have cost savings of approximately $55,000 per month, or $660,000 per year through the elimination of vendor fees. The savings are in addition to the $1.2 million a month cost savings the company previously announced resulting from the UltimateTrader II transition," states chief financial officer Joseph Ramos.

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