Out of Commissions

CoreMarkets Eliminates Commissions on All Trades

In an industry first, CoreMarkets, a global online marketplace of raw materials for the steel industry, announced today that it eliminated commissions charged on all trades taking place in its digital marketplace, effective Oct. 1, 2000. The move will be followed by the release of a new generation of e-commerce services in the coming weeks.

According to CoreMarkets CEO Howard Feldman, The inherent efficiencies of the Internet demand that the market reconsiders traditional trading economics and deliver greater value to both buyers and sellers. CoreMarkets worldwide acceptance has proven the industrys receptivity to online solutions. Our current volume now allows us to be the first player in the world to eliminate trading commissions, providing a complete supply chain solution for international buyers and sellers.

The CoreMarkets strategy has aligned the company with some of the worlds leading logistics, risk management, banking and shipping partners, including Fortis Bank, Steinweg Handelsveem BV and SGS Minerals Services. We believe this announcement serves as a major industry breakthrough that will drive down operating costs for buyers and sellers, says Feldman.

Later this month, CoreMarkets will introduce a new array of online trading tools and e-commerce solutions designed specifically for the raw materials market customized to the needs of individual users.

Our experience to date has shown that buyers and sellers not only want efficiency, but also want a partner who can provide access and education to the electronic economy, stated Feldman. By eliminating commissions and tying our future to the scope and quality of the service we provide, CoreMarkets strengthens its position as a partner to the industry.