Contact: Robert Crooke Tel: 212-603-3587
Vice President, Media Relations, Reuters America Inc.
robert.crooke@reuters.com
For E*TRADE:
Ken Sporleder Tel: 650-328-5555, ext.129
Neale-May & Partners
ksporled@nealemay.com
Doug Hendrix Tel: 650-328-5555, ext.115
Neale-May & Partners
dhendrix@nealemay.com
E*TRADE AND REUTERS ANNOUNCE GLOBAL AGREEMENT FOR
DELIVERY OF FINANCIAL NEWS AND MARKET DATA
PALO ALTO, CA and NEW YORK, April 6, 1999 - E*TRADE(R) Group Inc.(NASDAQ: EGRP)
and Reuters (NASDAQ: RTRSY) today announced that Reuters will be the primary
provider of financial news and market data to E*TRADE-branded investment
services web sites worldwide. This is the first such global agreement Reuters
has signed with an online financial services company. The multi-year agreement
furthers E*TRADE's global strategy to provide investors with superior financial
content, tools and services for managing their investments. Financial terms of
the agreement were not disclosed.
Under the agreement, Reuters - through its Reuters Investor service - will
provide customers and members of E*TRADE-branded web sites with domestic and
international equities news, company news by country and delayed and/or
real-time quotes on stocks, indexes and derivatives. Overviews of the foreign
exchange, money and commodities markets are also provided.
"This agreement brings together two leaders in the online financial services
markets," said Christos M. Cotsakos, chairman and chief executive officer of
E*TRADE. "By collaborating with Reuters, we not only maintain our strategy of
providing individual investors worldwide with up-to-date, accurate financial
market information, but also ensure the continuity of that information
regardless of location or time of day. We believe Reuters is an ideal complement
to our global expansion strategy and we look forward to a long, successful
alliance."
Reuters Chief Executive Peter Job said, "The rapidly growing international
market of people who are managing their own investments represents a significant
opportunity for our information and software products. We welcome this agreement
because it complements Reuters global strategy and allows us the opportunity to
work with a dynamic and well-branded e-commerce success story. Our high quality
news in 22 languages and financial information from all the major markets will
be a valuable asset for E*TRADE in their international growth strategy."
E*TRADE intends to make the Reuters Investor service available on the
Destination E*TRADE web site in the United States and its international sites,
including E*TRADE Canada, E*TRADE Australia and CPR-E*TRADE (France), during
calendar year 1999. New international E*TRADE web sites are expected to receive
the service as they come online.
Under its current international expansion plan, E*TRADE has signed licensing and
joint venture agreements which, when and if fully implemented, will cover the
top 20 markets around the world. Reuters will provide each country's E*TRADE
customers with domestic and international financial data in the country's
primary language, as available.
Reuters is a leading provider of news, financial information and software
solutions for the online investing industry. Its Reuters Investor service offers
a series of online news and data packages to banks and brokerages. Reuters
markets these services through Reality Online Inc., a subsidiary based in
Norristown, Pa.
END
EDITORS NOTE
E*TRADE
A leading branded provider of online investing services, E*TRADE has established
a popular destination Web site for self-directed investors. The Company offers
independent investors the convenience and control of automated stock, options
and mutual funds order placement at low commission rates.
In addition, E*TRADE has a suite of value-added products and services that can
be personalized, including portfolio tracking, real-time stock quotes, Smart
Alerts, market commentary and analysis, news, investor community areas and other
information services. E*TRADE was the first securities and financial services
company to be awarded the CPA WebTrust seal of assurance by the American
Institute of Certified Public Accountants (AICPA). E*TRADE also was ranked the
number one overall online brokerage service in two consecutive quarterly reviews
conducted by Gomez Advisors, a leading independent authority devoted to online
financial services (Q3/Q4 1998).
In October 1998, the E*TRADE Web site was named the number one online investing
site in an international survey of the industry's top 20 Internet brokerage
firms by Lafferty Information and Research Group, a global provider of
high-value and business information research.
Investors can access E*TRADE at www.etrade.com on the Internet and through many
other electronic channels and online services, including AOL (Keyword: E*TRADE)
and via the TELE*MASTER interactive telephone system. E*TRADE Securities Inc.
(Member NASD/SIPC), and its parent company, E*TRADE Group Inc., are
headquartered in Palo Alto, Calif.
REUTERS
Reuters supplies the global financial markets and the news media with the widest
range of information and news products including real-time financial data,
collective investment data, numerical, textual, historical and graphical
databases plus news, graphics, news video, and news pictures, reaching over
485,000 users in 57,900 locations. Reuters designs and installs enterprise-wide
information management and risk management systems for the financial markets as
well as providing equity and foreign exchange transaction systems. It
extensively uses Internet technologies for wider distribution of information and
news. The Group employed 16,938 staff in 218 cities in 96 countries at December
31, 1998. Reuters is the world's largest news and television agency with 2,072
journalists, photographers and camera operators in 182 bureaus serving 157
countries. News is published in 22 languages. For more details see
www.reuters.com/aboutreuters.
Reuters and the dotted and sphere logos are the trademarks of the Reuters Group
of Companies.
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IMPORTANT NOTICE
E*TRADE is a registered trademark of the Company. All other Trademarks are
properties of their respective owners. The statements contained in this news
release that are forward-looking are based on current expectations that are
subject to a number of uncertainties and risks, and actual results may differ
materially. The uncertainties and risks include, but are not limited to, changes
in market activity, market acceptance of the new E*TRADE destination Web site,
anticipated increases in the rate of new customer acquisition, the conversion of
new visitors to the site to customers, seasonality, the development of new
products and services, the enhancement of existing products and services,
competitive pressures (including price competition), system failures, economic
and political conditions, changes in consumer behavior and the introduction of
competing products having technological and/or other advantages. Further
information about these risks and uncertainties can be found in the information
included in the annual report filed by the Company with the SEC on Form 10-K
(including information under the caption "Risk Factors") and quarterly reports
on Form 10-Q.