Schwab has not ignored this profitable clientele. Last August, the firm released software called Velocity that allows users to make faster trades and get stock quotes more rapidly. But that service was reserved for those who either maintain at least $1 million in their accounts or make more than 48 trades annually. "The competitive realities of the market require us to pay close attention to our pricing and adjust it appropriately as we continue to enhance the technology and services we offer," Linnet Deily, president of Schwab's retail group, said in a statement. Schwab's acquisition is a tax-free stock-for-stock transaction, with the firm exchanging about 13.7 million shares of its common stock for all outstanding shares, options and equity rights of CyberCorp. The transaction is based on yesterday's closing price of $35.63. The deal is expected to close in the first quarter of 2000 and has already been approved by the boards of directors of both companies.