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Thanks very much, ITGuy (and CapnDon for helping out)! Much appreciated.
Here are a few exerpts from the handout that ITGuy posted that I found interesting:
When will SpoozToolz and SpoozChartz be Available?
SpoozToolz is currently being deployed to selected financial institutions. Thes institutions were chosen base upon the Spooz product support criteria. SpoozChartz was launched on January 24 and a two week free trial is available. Later in 2008 a retail version of SpoozToolz will be packeged modularly and marketed to the retail trader directly and through participating broker and educational partners
How will Spooz Deploy SpoozToolz?
SpoozToolz will quickly expand into the instututional marketplace through strong localized sales and product support organizations resident in major financial centers such as Chicago, New York and London. Targeted potential customers include brokers, banks, hedge funds and proprietary trading companies.
Spooz is currently deployin Spooztoolz with a select group of Chicago based brokers and proprietary trading firms. As of this writing, millions of trades have been placed through the system without a single error, proving the platform software is solid and stable.
Several broker distribution and trading firm sales are in progress, each requiring unique product configurations and different levels of customer support. Finalization of these sales is expected to begin in July of 2008.
Hi, Gbathat - I wasn't there - but I will second your thanks to all who were!
I understand what you mean - and sure, the long term shareholders will be the ones who are most in the red here.
However, I would suggest that if the company has a high quality, attractive product and has talented people working hard and smart and committed to succeeding, a shareholder can't really ask for much more.
All investors should understand the risks when investing in start-up companies like Spooz - and shouldn't be too surprised if setbacks occur. And there are of course no guarantees in this or any investment.
Thanks, CapnDon for your reports and sharing your impressions.
Here are some things I think would be necessary for a company in Spooz's position to have in order to succeed.
1. Committed and focused people with the desire and will to succeed.
2. Unity of purpose among the employees.
3. Workers with talent, intelligence, creativity and ability to create the programs they need, and solve problems that arise.
4. A product that satisifies a need in the industry and that is superior to that of the competition
5. The financial resources to accomplish the goals at hand.
My judgement from all the DD I have done is that Spooz, as presently constituted does well in all these categories, except perhaps #5. Hopefully they will be able to come up with the necessary resources without too much further dilution.
Any comments from anyone on any of these elements?
Thanks, Enforcer57. That answers my question.
Thanks, Bobby. Does anyone still have the invitation? I think I tossed mine.
Hi, Bobby. Can you tell me where you learned about their being two new board members?
The handout at the meeting lists five on the management team - are they all part of the board?
Paul Strickland
John Unwin
Darryl Dennis
Tom Opper
Katherine Raines
TIA!
Songbird
Thanks to everyone who has reported about the meeting. You guys have provided a great service to all Spooz shareholders. I really appreciate it.
He said he was going to be there. I'm wondering if that message was from the meeting.
I think nuk is there, isn't he?
Started at 4:00 p.m. Central Time - so has been going on now 1.25 hours.
Yes, I'll be interested to hear those answers too.
Hi, Mike. Nice to see you here.
How many are here waiting for a report of the meeting? :)
Good point, pbrain. IMO, we are past the point now where people can realistically question whether Spooz has quality software. IMO, there is no way they would be at FIF as part of SMCC if their product was a dud.
Hopefully there is no problem! I think the SymbologyDNA is the new Spooz based program, and I guess they are showing it to the financial community with the hope that it will be accepted.
Very interesting, Gbathat. Thanks for posting.
As I understand it, the SMCC (Spooz and SFB) solution is a software one:
"SymbologyDNA™ will be used as an enhancement to the OSI. It will allow financial firms to translate 5 or 9 character symbology representations into the new 17 or 21 character symbology formats and vice versa. In fact, with the SymbologyDNA™ process in place, the financial industry will be in a position to benefit from the next generation of electronic trade clearing systems for the ever expanding derivatives industry.
"It is clear that the industry desires an approach to receiving accurate and efficient information with minimal impact to their internal systems," stated Paul Strickland, CEO of Spooz. "We intend to deliver the technology to deploy SymbologyDNA™ in such a way as to save the industry billions."
It seems that the SymbologyDNA software allows the financial industry to avoid the time and expense of retooling all their internal systems (as in Y2K). The companies can carry on as before, and the software does the work of translation and accommodation of the new symbols.
I don't understand all of what is involved here - seems highly complicated. If anyone can correct my interpretation, please do!
Songbird
It seems from this answer below that CUSIP numbers deal with stocks and bonds. As I understand it, the SMCC is dealing with options. SFB has been dealing with options using SymbolMaster since 1994 (I think), and now Spooz's technology is going to be incorporated somehow with SymbolMaster to improve it.
Seems like SMCC may have a pretty good case - we'll have to see how it works out.
What is a CUSIP number?
--------------------------------------------------------------------------------
CUSIP stands for Committee on Uniform Securities Identification Procedures. Formed in 1962, this committee developed a system (implemented in 1967) that identifies securities, specifically U.S. and Canadian registered stocks, and U.S. government and municipal bonds.
The CUSIP number consists of a combination of nine characters, both letters and numbers, which act as a sort of DNA for the security - uniquely identifying the company or issuer and the type of security. The first six characters identify the issuer and are assigned in an alphabetical fashion; the seventh and eighth characters (which can be alphabetical or numerical) identify the type of issue; and the last digit is used as a check digit.
The CUSIP Service Bureau is operated by Standard & Poor's on behalf of the American Bankers Association (ABA). When setting out to develop the CUSIP system of identification, the ABA basically had two main criteria it was trying to meet. First, it wanted the identification to contain the fewest number of characters possible and to be linked to an alphabetical sequence of issuer names. Secondly, it recognized that the system should be adequate given the current operating requirements while having the flexibility to adapt to any future needs or changes in the operating systems. For more information on the CUSIP system, visit Standard & Poor's CUSIP Service Bureau.
http://www.investopedia.com/ask/answers/04/040704.asp
So most likely the presentation about SymbologyDNA will be given to this subcommittee at the FIF conference today.
Thanks, Critter and MC.
The meeting starts at 4:00 p.m. central time, one hour after markets are closed.
Very cool, ITGuy. Thanks!
hi, Archyis, I noticed on the invitation to the shareholders meeting they said there would be a reception following the meeting. I doubt they would have a reception if they were trying to avoid back and forth communication with the shareholders.
Hi, ITGuy,
I think you were there last yeat. I think I remember that as last year's meeting there was a presentation by Spooz and a demo of SpoozToolz. Was there a Q&A segment on the agenda? Or did you have to ask questions outside the meeting.
TIA
Songbird
MC, I noticed the bid/ask jumped up to where it is now in the last few minutes of trading yesterday.
I think nukhiva and CapnDon have said they'd be there too.
So, in other words (IMO), according to this post, Spooz has made connections with Hedge Street and they have figured out a way for SpoozToolz to work for people who have an account at Hedge Street.
This seems to follow the model that Spooz has been talking about all along - Make it possible for pople to access their brokerage accounts using ST.
I realize this is just one post on a forum, and not any official release from any company, but it is a an interesting clue nevertheless.
SB
Interesting. Thanks, peeved.
I don't fully understand the symbology technology, but I think Spooz found an opportunity to adapt their software to the needs of SFB and it seems that it has been well recieved.
From what was said by Paul Strickland in one of the recent PRs, there has been no change in the mission of the company - SpoozToolz will still be the trading software. I guess they have found new uses which will provide alternative revenue streams.
BTW, looking forward to seeing those revenues come in. :)
Thought I might repost what I found this morning for those who may have missed it:
This is from a PR dated June 21, 2006, announcing Track Data buying a 15% interest in SFS:
"Track Data knows the market data world, especially when it comes to options. We were impressed with SFB because it is a unique company-its software solution generates and maintains all option strike symbols, prices, and codes for all of the U.S. options exchanges and has been doing so since 1994. SFB works with all the exchanges and has just signed new five-year agreements with BOX, CBOE, ISE and NYSE Group. With the current explosion in options data and the continuing changes in the options world, we think SFB is well positioned to continue growing," said Marty Kaye, COO of Track Data https://www.symbolmaster.com/index.php?page=press/pr_20060621
So, SFB is 2 years into agreements with some major exchanges, and now Spooz has joined them be in a joint venture. So, some revenues should be forthcoming - not sure when. IMO, positive news for the company.
Songbird
Hope so too!
That should be asked at the sh meeting. ITGuy - Could you ask
"how close is the company from attaining significant revenues"?
Thanks!
Just as a follow up, BOX is the Boston Stock Exchange http://www.boxoptions.com, ISE is the International Securities Exchange http://www.iseoptions.com/, CBOE is the Chicago Board Options Exchange http://www.cboe.com/ and of course the NYSE Group is the New York Stock Exchange http://www.nyse.com/.
SFB is working with major players, IMO.
Songbird
GM, folks. I have been doing some more research into SFB Market Systems (Spooz's joint venture partner), and found something I found interesting.
This is from a PR dated June 21, 2006, announcing Track Data buying a 15% interest in SFS:
"Track Data knows the market data world, especially when it comes to options. We were impressed with SFB because it is a unique company-its software solution generates and maintains all option strike symbols, prices, and codes for all of the U.S. options exchanges and has been doing so since 1994. SFB works with all the exchanges and has just signed new five-year agreements with BOX, CBOE, ISE and NYSE Group. With the current explosion in options data and the continuing changes in the options world, we think SFB is well positioned to continue growing," said Marty Kaye, COO of Track Data. https://www.symbolmaster.com/index.php?page=press/pr_20060621
With Spooz as a partner with SFB, they have a part of these 5 year agreements with these exchanges.
Also I have found that all the recent Spooz PRs are now on the SymbolMaster web site.
Thanks, Allie
If not dilution, I wonder what?
Songbird
I would agree there is no proof of substantial revenues from the JV right now, however, there is evidence that might cause some to expect such revenues at some future time. There is risk investing here, no doubt.
There is lots of information to digest from the last three Spooz PRs - I think it is great that there will be a shareholders meeting the day after the FIF presentation. I will very grateful to any shareholders who provide reports from the meeting.
Well, the PR came from the Symbol Management Clearing Corporation (SMCC), and Lee Clifford is now listed as its CEO. It looks to me like the LOI has come to fruition in this case.
Songbird
http://www.fif.com/
About FIF
FIF was founded in 1996 by Jordan & Jordan to address the issues that impact financial technology operations and development in light of rapid changes occurring in technology, regulation and market structure. Through committees and active working groups, FIF provides members with resources and analysis to guide their internal business and technology initiatives.
FIF members include industry-leading broker dealers, vendors, and exchanges. Firms active in the U.S. securities industry are encouraged to join FIF.
OK, rereading this again, it seems that this SymbologyDNA will allow the financial industry to avoid modifying their current systems to accomodate the use of the new options symbols. SymbologyDNA will automatically translate the old symbols to new, and new symbols to old - so there will not be an impact on the industry (like the Y2K issue)
If this works as they say, this is a huge benefit to the financial industry.