DALLAS, Oct. 5, 2004 (PRIMEZONE) -- Rush Financial Technologies, Inc., (OTCBB:RSHF), dba RushTrade(R) Group, announced today its trade volume report for the month of September and for the third quarter ended September 30, 2004. RushTrade Securities, Inc., ("RushTrade"), the Company's broker/dealer subsidiary, reports continued growth in Customer Accounts, Customer Account Assets and Trade Volume.
For the third quarter, the number of trades increased from 34,266 to 44,372, an increase of 29.5%. Shares traded by customers through RushTrade increased 645% to 429,136,679, from 57,573,996 in the third quarter of 2003. RushTrade also reported that total customer assets increased over 61.6%, from $31,753,762 for the third quarter 2003, to $51,309,308, and customer accounts grew from 1,001 to 2,225 as of September 30, 2004, a 122% increase.
For the month of September, RushTrade reported the total number of shares traded increased to 169,272,848, from 131,825,757 in August, a 28.4% increase. The number of trades processed increased to 15,185 in September from 13,809 in August, a 9.9% increase.
"The RushTrade(R) Direct Pro Version 3.0 software product continues to gain acceptance in the marketplace. Year-to-date, RushTrade has processed over 158,000 trades for more than 820 million shares traded, with a market value of almost $3 billion," said Shawn McConnell, Director of Marketing for RushTrade Group.
More than 80% of new accounts are subscribing to the new and enhanced RushTrade Direct Plus and RushTrade Direct Pro software platforms. Additional news articles, reports, recent press releases and other information about RushTrade Group may be accessed at www.rushtrade.com.
About RushTrade Group
RushTrade Group operates through two primary subsidiaries:
RushGroup Technologies, Inc. ("RushGroup"), the Company's financial technology development subsidiary, develops and operates proprietary real-time portfolio management software products, order management systems, direct-access trading software applications and data services center. Utilizing a number of proprietary technologies and its exclusive Direct Access Routing Technology (DART(TM)), RushGroup offers real-time market data platforms and Direct Access products to meet the needs of active online investors, semi-professional traders or institutional portfolio managers and traders.
RushTrade Securities, Inc, ("RushTrade"), a wholly-owned subsidiary of the Company and a fully disclosed introducing broker/dealer and member NASD and SIPC, offers securities and online brokerage services to its retail customers utilizing RushGroup's software products. RushTrade customer trades are cleared through and customer accounts are held at a third party clearing firm. RushTrade is registered in all 50 U.S. states and accepts customers from most foreign countries. RushTrade customer accounts are self-directed, and RushTrade does not provide advice or make trade recommendations.
The Company is headquartered in Dallas, Texas and its common stock is traded on the OTC.BB Market under the symbol "RSHF." For more information about RushTrade and the RushGroup products, please visit www.rushtrade.com.
This press release includes statements that may constitute "forward-looking" statements, usually containing the word "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's product and services in the marketplace, competitive factors, changes in regulatory environments, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company disclaims any obligation to update these statements for revisions or changes after the date of this release.