Datek Online Reports Equity Orders Executed in 7.53 Seconds - Nasdaq Orders Average 4 Seconds -

Apr 10, 2001, 01:00 ET from Datek Online Brokerage Services LLC

    JERSEY CITY, N.J., April 10 /PRNewswire/ -- Datek Online Brokerage
 Services LLC, a subsidiary of Datek Online Holdings Corp., today reported that
 its average time for executing marketable online equity orders in February
 2001 was 7.53 seconds. For Nasdaq orders that were marketable upon entry,
 Datek Online's average execution time in February was approximately 4 seconds.
 Nasdaq orders accounted for more than 83% of Datek's transactions that month.
     (Logo:  http://www.newscom.com/cgi-bin/prnh/19991105/DATEKLOGO )
     Execution speed is one of the key order routing metrics that Datek Online
 has begun publishing on its Web site in advance of disclosure requirements set
 by the Securities and Exchange Commission (SEC). In calculating execution
 speed, Datek Online starts the timer when an order enters its processing
 system. The timer is stopped when a market participant informs Datek that the
 trade has been executed. This calculation is performed only on orders that are
 marketable upon entry.
     The SEC will require brokers to report by October 2001 the percentage of
 orders routed to various market participants, including market makers,
 Electronic Communications Networks (ECNs), floor specialists and internal
 trading desks. Brokers also will be required to disclose payments received for
 order flow. Datek Online is the only major online brokerage firm rebating its
 order flow payments to its customers, to date totaling $2.6 million. In
 addition, Datek Online has begun reporting monthly data relating to price
 improvement. Datek Online's monthly reports are available at
 http://www.datek.com/bestexecution.
     Ed Nicoll, Chairman and Chief Executive Officer, Datek Online Holdings
 Corp., said, "We fully support the Securities and Exchange Commission's desire
 for more open disclosure of order execution data. As more industry data
 becomes publicly available, we believe that it will demonstrate that execution
 quality can vary. At Datek Online, we are committed to delivering leading-edge
 technology and real-time information to our customers so they can have the
 best possible trading experience."
     Datek Online's data was obtained from Market Systems Inc., an independent
 auditing source.
     See attached tables:
 
                                 Nasdaq Orders
                        (Figures are for February 2001)
 
                     Average Execution Speed
      Market Orders                 3.7 seconds
      Marketable Limit Orders       4.2 seconds
 
 
                                 Listed Orders
                        (Figures are for February 2001)
                     Average Execution Speed
      Market Orders                 22.4 seconds
      Marketable Limit Orders       34.1 seconds
 
     About Datek Online Brokerage Services LLC
     Datek Online Brokerage Services LLC, a subsidiary of Datek Online Holdings
 Corp., is one of the nation's largest online brokerage firms. Committed to
 bringing leading-edge technology and real time information to individual
 investors, Datek Online continues to be an industry innovator. Datek Online
 was the first major online broker to introduce a Web-based direct access*
 trading product, trading in decimals and a continuous 12-hour trading day for
 Nasdaq stocks. Datek Online also was the first major online broker to provide
 a 60-second commitment and free, real-time streaming quotes. In addition,
 Datek Online was the first major online brokerage firm to rebate payments that
 it receives for order flow. Located on the World Wide Web at
 http://www.datek.com, Datek Online was established in 1996 and is
 headquartered in Jersey City, New Jersey.
 
     About Datek Online Holdings Corp.
     Established in 1998, privately held Datek Online Holdings Corp. is one of
 the fastest growing financial services companies in the United States and
 provides direct access to financial services through innovative technology.
 The Company's primary businesses are Datek Online Brokerage Services LLC, a
 pioneer in the online brokerage industry; iClearing LLC, a securities clearing
 operation; and Watcher Technologies LLC, a software development company for
 the financial services industry.
 
     *All orders are routed through Datek Online Brokerage Services.
 
 

SOURCE Datek Online Brokerage Services LLC
    JERSEY CITY, N.J., April 10 /PRNewswire/ -- Datek Online Brokerage
 Services LLC, a subsidiary of Datek Online Holdings Corp., today reported that
 its average time for executing marketable online equity orders in February
 2001 was 7.53 seconds. For Nasdaq orders that were marketable upon entry,
 Datek Online's average execution time in February was approximately 4 seconds.
 Nasdaq orders accounted for more than 83% of Datek's transactions that month.
     (Logo:  http://www.newscom.com/cgi-bin/prnh/19991105/DATEKLOGO )
     Execution speed is one of the key order routing metrics that Datek Online
 has begun publishing on its Web site in advance of disclosure requirements set
 by the Securities and Exchange Commission (SEC). In calculating execution
 speed, Datek Online starts the timer when an order enters its processing
 system. The timer is stopped when a market participant informs Datek that the
 trade has been executed. This calculation is performed only on orders that are
 marketable upon entry.
     The SEC will require brokers to report by October 2001 the percentage of
 orders routed to various market participants, including market makers,
 Electronic Communications Networks (ECNs), floor specialists and internal
 trading desks. Brokers also will be required to disclose payments received for
 order flow. Datek Online is the only major online brokerage firm rebating its
 order flow payments to its customers, to date totaling $2.6 million. In
 addition, Datek Online has begun reporting monthly data relating to price
 improvement. Datek Online's monthly reports are available at
 http://www.datek.com/bestexecution.
     Ed Nicoll, Chairman and Chief Executive Officer, Datek Online Holdings
 Corp., said, "We fully support the Securities and Exchange Commission's desire
 for more open disclosure of order execution data. As more industry data
 becomes publicly available, we believe that it will demonstrate that execution
 quality can vary. At Datek Online, we are committed to delivering leading-edge
 technology and real-time information to our customers so they can have the
 best possible trading experience."
     Datek Online's data was obtained from Market Systems Inc., an independent
 auditing source.
     See attached tables:
 
                                 Nasdaq Orders
                        (Figures are for February 2001)
 
                     Average Execution Speed
      Market Orders                 3.7 seconds
      Marketable Limit Orders       4.2 seconds
 
 
                                 Listed Orders
                        (Figures are for February 2001)
                     Average Execution Speed
      Market Orders                 22.4 seconds
      Marketable Limit Orders       34.1 seconds
 
     About Datek Online Brokerage Services LLC
     Datek Online Brokerage Services LLC, a subsidiary of Datek Online Holdings
 Corp., is one of the nation's largest online brokerage firms. Committed to
 bringing leading-edge technology and real time information to individual
 investors, Datek Online continues to be an industry innovator. Datek Online
 was the first major online broker to introduce a Web-based direct access*
 trading product, trading in decimals and a continuous 12-hour trading day for
 Nasdaq stocks. Datek Online also was the first major online broker to provide
 a 60-second commitment and free, real-time streaming quotes. In addition,
 Datek Online was the first major online brokerage firm to rebate payments that
 it receives for order flow. Located on the World Wide Web at
 http://www.datek.com, Datek Online was established in 1996 and is
 headquartered in Jersey City, New Jersey.
 
     About Datek Online Holdings Corp.
     Established in 1998, privately held Datek Online Holdings Corp. is one of
 the fastest growing financial services companies in the United States and
 provides direct access to financial services through innovative technology.
 The Company's primary businesses are Datek Online Brokerage Services LLC, a
 pioneer in the online brokerage industry; iClearing LLC, a securities clearing
 operation; and Watcher Technologies LLC, a software development company for
 the financial services industry.
 
     *All orders are routed through Datek Online Brokerage Services.
 
 SOURCE  Datek Online Brokerage Services LLC