desired candidate will have experience marketing a major Internet launch. The company is currently interviewing several prospects, but will welcome input from the investing group.
Executive Vice-President/Director of Industry Standards (TBA)
This is also a key position in the company. This person will be responsible for keeping the pulse of the financial services industry, to insure that our applications meet industry needs and standards, to investigate new techniques, and to establish and maintain industry credibility and contact. This person would as of necessity be a securities analyst. This is a highly visible position within the industry. The company is looking at several candidates, but no decision can be made until funding is secured.
General Counsel (TBA)
This is likewise a key position in the company. This person will be responsible for maintaining and protecting the proprietary interests of the company in its products and web site. This person will handle all licensing agreements with customers and third parties, and the prosecution of pirates. The ideal person for this position will have extensive experience handling intellectual property matters in the computer industry.
The company aims to fill a void in the online financial services market with its first product. Online investing is the fastest growing segment of the financial services industry. Online investing has gone from non-existent in 1994 to about 12.5 million accounts traded today, representing roughly 12% of all stock market transactions. Online investing will continue to be the fastest growing segment of the financial services industry. The Securities and Exchange Commission estimates that this market will grow by an average of about 24% per year over the next five years. This translates to about 30 million online accounts by 2004, representing about one third of all stock market transactions.
The initial factor that fueled the growth of online investing was low commissions. Online brokers offer transactions costs that traditional brick and