Trading Technologies' follow-up memo to Refco end users
Following Trading Technologies International, Inc's (TT's) press release the morning of May 4, 2005, Refco released another memo to its customers that discusses the TT v. Refco lawsuit and continues to make allegations against TT. TT considers it inappropriate to comment on pending litigation matters and especially inappropriate to make public allegations against parties to such litigation.
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Because of this, it has always been TT's policy to not comment on these matters. TT will continue to abide by this policy. With respect to Refco's recent memos, suffice it to say that the statements Refco has made regarding TT's actions and motives are false. TT will be addressing these allegations where they should be addressed, in the Court. Anyone interested in seeing the truth can do so by accessing the publicly filed court documents. TT also wants to make clear that it has always had and continues to have the best interests of the end-users in mind and will do whatever it can to protect the end-users.
TT has two further points that do not relate to the pending lawsuit. First, in TT's May 4, 2005 press release, TT said, "All TT software will be made free to Refco and TT/Refco end-users from May 1-July 15, 2005 to accommodate the end-users during this transition period." This free period applies to both the TT/Refco end-users that stay at Refco and those end-users that choose to go to another FCM. Second, TT does not charge a transaction fee for TT's X_TRADER product, but rather charges a monthly subscription fee. Contrary to a recent rumor, TT has no plans to change its pricing structure.