Word: amex
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...government says, the same powerful banks control both associations. The biggest banks have been able to sit on one brand's board of directors and hold great sway in the other. That's not all. Visa and MasterCard restrict their member banks from issuing competing cards from Amex and Discover as well. This circle of control, the feds say, bars real competition from the marketplace, and it has kept technological leaps and new credit services from benefiting American wallets...
...more cases, is to route the trade through Gerald Putnam's Archipelago. The Chicago firm, which created one of a new class of trading systems known as electronic communications networks (ECNs), can instantly determine where the best price is--on traditional markets, like the New York Stock Exchange, AMEX and NASDAQ, or among orders that come directly into Archipelago. Trades on the fully automated system are completed in less than a second, while a typical trade on the N.Y.S.E. takes 22 sec. "That's a lifetime in an active market," says CEO Putnam. "Our advantage comes from having no human...
WHAT IT WAS USED FOR: Paid off other clients; covered AmEx, office bills
...malls. Why? The company is planning to push into lowbrow but high-margin financial services such as wire transfers, money orders and check cashing. You'll be able to dash in for a Slurpee and a cash advance at the same time. There will be no user surcharge for AMEX banking customers and card members. Others will pay a fee that should average about $1.25 per transaction...
...wants to give you postage. You want e-mail? Pick from a dozen companies that would love to be your no-cost provider. Once you're online with your free PC, you may want to trade stocks--American Express Brokerage will provide free trading for accounts over $100,000. Amex won't do your taxes, but H.D. Vest, another financial planner, has just volunteered. Other software needs? Linux is a free operating system, and Sun Microsystems' StarOffice is a complimentary office suite...