NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB), Overstock.com (OSTK: NASDAQ), and its subsidiary tZERO and have signed a letter of intent to enter into a partnership to offer deeply discounted online trading in Q1 2018 when the transaction is slated to close. Under terms of the agreement, any investor in America who accesses the Muriel Siebert & Co. Inc. portal at Overstock would be able to conduct online trading of US equities for $2.99 per trade through the platform. In addition, Overstock plans to introduce a new tier to its Club O loyalty and membership rewards program to offer that elite membership level the opportunity for online trading at an even deeper discount of $1.99 per trade.
Overstock and Siebert Financial Corp. intend to deliver institutional quality financial services to clients, enhancing the mutual benefits of this paradigm-changing partnership. New customers subscribing to the discount brokerage suite of products would be offered best-in-class services including Smart Order and Routing and Execution services by tZERO’s broker-dealer Speedroute, a FINRA firm, and Clearing Services through StockCross Financial Services, a FINRA firm and affiliate of Siebert Financial Corp.
For years, millions of consumers have trusted Overstock with home, and more recently, auto purchases. Overstock currently delivers world-class service and award-winning customer experiences to over 30 million shoppers per month, as evidenced by its 2017 Loyalty360 Customer Award in Operational Excellence and its six consecutive Mobile Web Awards for its shopping apps.
Siebert Financial Corp. was founded in 1967 by Muriel Siebert, the first woman to own a seat on the New York Stock Exchange and the first to head one of its member firms, Muriel Siebert & Co., Inc. Ms. Siebert was also a pioneer by transforming her firm into a discount brokerage in 1975 on the first day NYSE members were allowed to negotiate commissions.
Of the newly announced intended deal, Overstock CEO Patrick M. Byrne said, “There are multiple complementary facets of the two companies’ trading ecosystems and today they align perfectly to deliver unmatched value to investors. Mickie Siebert showed that women can make it big on Wall Street, and women have always been an important part of Overstock’s success too, so there is a correlation in our pioneering traditions. Just last week, Overstock and its subsidiary, Medici Ventures, signed the Parity Pledge vowing to empower women into leadership positions. With a significant majority of Overstock’s loyal base being women, it is our distinct honor to partner with a legendary woman-owned firm led by Gloria E. Gebbia. Mrs. Gebbia exemplifies all that is great about the advancement of women in leadership and we are honored to deliver the lowest pricing to our growing user base with such a trusted and iconic partner.”
Gloria E. Gebbia, majority shareholder and board member of Siebert Financial said, "We are pleased to partner with Overstock and its founder Dr. Patrick Byrne, who has been a visionary leader in e-commerce. We continue to uphold the enduring vision and legacy of founder Mickie Siebert with our focus on integrity and the safety of investments, as there is no substitute for understanding the cares and concerns of our clients. Together our efforts will be directed towards delivering quality products and services designed to serve the financial needs of our clients, which will always be our top priority."
While maintaining the industry’s deepest discounts for online trading, this partnership plans to introduce the rollout of new products and services such as Blockchain Trading, Crypto Products, and Robo Advisory, along with Free IRA products.