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.

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A B Watley to launch Web-based direct access system

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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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