Sony Software and PC Financial Network Announce Agreement to Develop On-line Trading System
NEW YORK — August 29, 1994 — Sony Software Corp. and PC Financial Network, the on-line discount brokerage service of the Pershing Division of Donaldson, Lufkin & Jenrette, announced that they have signed a letter of intent to develop an online trading system to be used on personal communicators using General Magic's Magic Cap(TM) platforms. The new system will provide the retail self-directed investor who is on-the-go with the ability to place trades, receive execution reports, real-time quotes, personal portfolio information and individually tailored news and portfolio alerts without having to access their home or office computer or speak with a broker.
Sony and PC Financial Network plan to develop the services with the intention of implementing intelligent agent-based technology where appropriate. "On-line stock trading has proven to be a tremendous value to users of on-line services," said John Kelly, director of marketing, Sony Software. "This application will be a cornerstone in providing value for the financially oriented user." "Our investors have told us that accessing their portfolio information from a personal communicator would make them much more effective in controlling their investments.
The General Magic based products, including those from Sony electronics, will give them the ability to make decisions based on real-time information, while allowing them the mobility to go about their daily routines," said Blake Darcy, chief operating officer of PC Financial Network. "Combining these exciting technologies with PC Financial Network's established brokerage business guarantees a successful future for this exciting new service."
PC Financial Network is America's largest online discount broker and currently has over 140,000 investors using its online services to conduct their securities transactions. The new service will provide increased market penetration for PC Financial Network and entrance into the emerging personal intelligent communicator arena. The first Magic Based personal communicators are expected to reach the consumer market later this year. The General Magic alliance is a consortium that includes Sony, Matsushita, Philips, Apple, Toshiba, Fujitsu, Nippon Telephone and Telegraph, AT&T, France Telecom and Motorola.
CONTACT:
Sony Software, New York
Peter Newcomb, 212/833-6058
or
PC Financial Network,
K. Blake Darcy, 201/413-2095