Open Letter von Tradestation Group (März 2002)

Dear Fellow TradeStation Users,

We would like to start by sincerely saying thank you for your loyalty and support over the past 20 years. In 1982, when we started the company, we never imagined it would grow to where it is today. We can't begin to tell you how wonderful the last 20 years have been and how excited we are about the future. Thank you for making all of this possible. Without your support, we would not be here today.

TradeStation users have two things in common. They love TradeStation and they are very passionate about the direction of our company. In other words, when they agree with our decisions we hear accolades, but when they believe we're making a mistake they make it very clear to us. While TradeStation users have overwhelmingly embraced the features and enhancements in the TradeStation 6 trading platform, they've asked for a number of changes to our business model. This is what this letter is all about. To let you know that "you've spoken and we've listened". Let me share with you what we've heard and what we're doing about it.

Request #1: Commissions That Set the Value Standard in the Industry
TradeStation users love the fact that now they are able to execute trades using state-of-the-art direct-access to all pools of liquidity including ECNs, from within the TradeStation platform. But, as it relates to Equities commissions, you asked us for a simple-to-understand commission plan that represented industry-leading value. More specifically, for equities you asked for a per share commission structure that includes all ECN fees, with NO ticket charge. For Futures, you asked for very low commissions and the same level of integration that we currently offer for equities. Better integrated futures execution is coming with the next release of TradeStation. As for changes to our commissions, at first we were not able to offer this to you, but thanks to our fast growing trading volumes, we now have lower costs and are able to pass these savings on to you. Today, we announced equities commissions of only 1.2 cents per share (inclusive of all ECN fees) with NO ticket charge. We also announced a low all-inclusive rate for E-Mini futures of only $3.99 per side, per contract. And as our trading volumes continue to grow, we are committed to passing additional savings on to you.

Request #2: Eliminate Trading Minimums for Brokerage Accounts
Many of you told us that while you trade actively, you don't want to have to worry about meeting a minimum trading requirement per month. As a result, along with our new pricing, we've now eliminated the trading minimums for brokerage accounts. So now, regardless of your trading volume, you qualify to receive full access to TradeStation 6, including all real-time and historical Equities data and delayed futures data, for a discounted rate of $99.95 per month. And if you trade over 150,000 equity shares, or over 300 round-turn futures contracts per month, even this reduced fee will be waived.

Request #3: Subscription Option for TradeStation 6 Without Opening a Trading Account
While many TradeStation users have opened up trading accounts and are very happy, some clients aren't ready to trade with TradeStation and would like the option of subscribing without opening up a brokerage account. Well again we've listened. We're pleased to announce that you can now subscribe to the TradeStation 6 platform—including streaming, real-time data and non-pro equity exchange fees—for the low rate of just $199.95 per month without opening a brokerage account.

Request #4: An End-of-Day Research Edition of TradeStation 6
For clients who require a research tool for longer-term analysis and strategy testing and automation on daily, weekly and monthly charts, we're launching a TradeStation End-of-Day Research Edition for just $599.95 per year. This new version includes all the powerful strategy testing and charting analysis features of TradeStation 6 with delayed daily, weekly and monthly equities and futures data. Now you don't need to pay for real-time data if you don't trade based on intraday charts.

Request #5: Toll-Free, Extended Hours Customer Service and Software Support
Because TradeStation 6 is a complete solution that includes software and streaming real-time or delayed data, we've been able to improve the overall quality of the platform and because of this have greatly reduced the number and length of software support calls. This means happier customers and lower costs. Again, we're passing the savings on to you. Now with TradeStation 6 we offer toll-free, extended hours Client Services and Software Support.

Request #6: Add RadarScreen, OptionStation and More Historical Data
Clients love the new TradeStation, but have told us they want us to add the powerful capabilities of RadarScreen and OptionStation (our other programs). I'm happy to announce that the next release of TradeStation will include these capabilities, plus much more historical intra-day data for equities and futures, window linking, charting of pre/post market, ECN books, Hot Keys, and much more. We're hard at work continuously improving your TradeStation.

We're very excited to be able to offer these dramatic improvements to our brokerage and subscription services. We greatly value you and appreciate your loyalty and support. Please continue to send us your feedback, and thank you for helping us make the right decisions. We'll continue to listen.

Warmest regards

- The Cruz Bros

www.tradestation.com/aboutus/letter.shtm