Siebert Financial Corp. (NASDAQ:SIEB) reported the completion of an exceptional financial services advertising deal among Muriel Siebert & Co., Inc., and tZERO, Inc., the subsidiary of Overstock.com Inc (NASDAQ:OSTK) and Speedroute LLC, which is the routing services subsidiary unit of tZERO, for the commercialization of retail brokerage services via Siebert, including discounted web trading, on the Overstock online platform.
The platform, which was reported last December, enables any investor in U.S. who accesses the Siebert online portal via Overstock.com’s FinanceHub™ the prospect to perform trades of U.S. equities at lower prices. Members of company’s Club O Gold loyalty members are set to be charged $1.99 a trade, whereas non-Club O Gold members are set to be charged $2.99 a trade via the platform. Following the deal, Speedroute and Siebert will share revenue recorded from trades from shareholders who become consumers through FinanceHub™. Existing and new consumers using the portal gain access to different Siebert retail brokerage services and products.
With this advertising deal, Siebert will get online visibility with several Overstock.com consumers for its discount trading platform, and benefitting from tZERO’s technological and digital expertise. Using the Siebert portal, Overstock’s consumers have another point of access to a prominent, countrywide discount brokerage company with over 50 years of extensive experience in the market.
Gloria E. Gebbia, the board member and controlling shareholder of Siebert Financial, expressed that they are thrilled and view this deal as a remarkable growth prospect for Siebert to link with Overstock’s consumers. Through this initiative, they will continue to privilege the trailblazing legacy of their founder Muriel Siebert, who attained a seat on the NYSE to resolve the pay inequality she witnessed working on Wall Street. So, they are particularly delighted to optimize the Overstock customer experience by providing discounted trading, and other quality retail brokerage offerings, intended to meet the investing and financial requirements of all their clients.