Document:

Exhibit 10.23

                          REGISTRATION RIGHTS AGREEMENT

         This  Registration  Rights  Agreement  (this  "Agreement")  is made and
entered  into  as  of  September  30,  2004,  by  and  between  Rush   Financial
Technologies,  Inc., a Texas  corporation  (the  "Company"),  and Bonanza Master
Fund, Ltd. (the "Purchaser").

         This Agreement is made pursuant to the Subscription Agreement, dated as
of the  date  hereof,  by  and  between  the  Purchaser  and  the  Company  (the
"Subscription Agreement"), and pursuant to the Warrants referred to therein.

         The Company and the Purchaser hereby agree as follows:

         1.       Definitions. Capitalized terms used and not otherwise  defined
herein  that are defined in the  Securities  Purchase  Agreement  shall have the
meanings given such terms in the Securities Purchase Agreement.  As used in this
Agreement, the following terms shall have the following meanings:

         "Commission" means the Securities and Exchange Commission.

         "Common  Stock" means shares of the Company's  common stock,  par value
$.01 per share.

          "Effectiveness  Period"  shall have the  meaning  set forth in Section
2(a).

         "Exchange Act" means the  Securities  Exchange Act of 1934, as amended,
and any successor statute.

         "Filing  Date"  means,  with  respect  to  the  Registration  Statement
required to be filed hereunder,  a date no later than thirty (30) days following
the Closing Date.

         "Holder" or "Holders"  means the Purchaser or any of its  affiliates or
transferees to the extent any of them hold Registrable Securities.

         "Indemnified Party" shall have the meaning set forth in Section 5(c).

         "Indemnifying Party" shall have the meaning set forth in Section 5(c).

         "Proceeding" means an action, claim, suit,  investigation or proceeding
(including,  without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

         "Prospectus"   means  the  prospectus   included  in  the  Registration
Statement  (including,  without  limitation,  a  prospectus  that  includes  any
information  previously  omitted from a prospectus filed as part of an effective
registration  statement  in  reliance  upon  Rule  430A  promulgated  under  the
Securities Act), as amended or supplemented by any prospectus  supplement,  with
respect  to  the  terms  of  the  offering  of any  portion  of the  Registrable
Securities covered by the Registration  Statement,  and all other amendments and
supplements to the  Prospectus,  including  post-effective  amendments,  and all
material  incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

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         "Registrable  Securities"  means the shares of Common Stock issued upon
the execution hereof and issuable upon exercise of the Warrants.

         "Registration  Statement" means each registration statement required to
be filed hereunder, including the Prospectus, amendments and supplements to such
registration   statement  or  Prospectus,   including  pre-  and  post-effective
amendments,  all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

         "Rule 144" means Rule 144 promulgated by the Commission pursuant to the
Securities  Act, as such Rule may be amended  from time to time,  or any similar
rule or regulation  hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Rule 415" means Rule 415 promulgated by the Commission pursuant to the
Securities  Act, as such Rule may be amended  from time to time,  or any similar
rule or regulation  hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Rule 424" means Rule 424 promulgated by the Commission pursuant to the
Securities  Act, as such Rule may be amended  from time to time,  or any similar
rule or regulation  hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Securities Act" means the Securities Act of 1933, as amended,  and any
successor statute.

         "Trading  Market"  means  any of the NASD OTC  Bulletin  Board,  NASDAQ
SmallCap Market,  the Nasdaq National Market, the American Stock Exchange or the
New York Stock Exchange.

         "Warrants" means the Common Stock purchase  warrants issued pursuant to
the Subscription Agreement.

         2.  Registration.  On or prior to the  Filing  Date the  Company  shall
prepare and file with the  Commission  a  Registration  Statement  covering  the
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415.  The  Registration  Statement  shall be on Form SB-2 (except if the
Company is not then eligible to register for resale the  Registrable  Securities
on Form SB-2, in which case such  registration  shall be on another  appropriate
form in accordance herewith). The Company shall cause the Registration Statement
to become effective and remain  effective as provided herein.  The Company shall
use its reasonable commercial efforts to cause the Registration  Statement to be
declared  effective  under the  Securities Act as promptly as possible after the
filing thereof. The Company shall use its reasonable  commercial efforts to keep
the Registration Statement continuously effective under the Securities Act until
the date which is the earlier date of when (i) all  Registrable  Securities have
been sold or (ii) all  Registrable  Securities may be sold  immediately  without
registration under the Securities Act and without volume  restrictions  pursuant
to Rule  144(k),  as  determined  by the  counsel to the  Company  pursuant to a
written opinion letter to such effect, addressed and acceptable to the Company's
transfer agent and the affected Holders (the "Effectiveness Period").

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         3.       Registration  Procedures.  If  and  whenever  the  Company  is
required by the provisions  hereof to effect the registration of any Registrable
Securities  under the  Securities  Act, the Company  will, as  expeditiously  as
possible:

         (a) prepare and file with the  Commission  the  Registration  Statement
with respect to such Registrable Securities,  respond as promptly as possible to
any comments received from the Commission, and use its best efforts to cause the
Registration  Statement  to become and remain  effective  for the  Effectiveness
Period with respect thereto, and promptly provide to the Purchaser copies of all
filings and Commission letters of comment relating thereto;

         (b)  prepare  and  file  with  the  Commission   such   amendments  and
supplements to the Registration  Statement and the Prospectus used in connection
therewith as may be necessary to comply with the  provisions  of the  Securities
Act with respect to the disposition of all Registrable Securities covered by the
Registration  Statement and to keep such Registration  Statement effective until
the expiration of the Effectiveness Period;

         (c) furnish to the Purchaser such number of copies of the  Registration
Statement  and the  Prospectus  included  therein  (including  each  preliminary
Prospectus)  as the Purchaser  reasonably  may request to facilitate  the public
sale or disposition of the Registrable  Securities  covered by the  Registration
Statement;

         (d) use its commercially  reasonable efforts to register or qualify the
Purchaser's  Registrable  Securities covered by the Registration Statement under
the securities or "blue sky" laws of such jurisdictions within the United States
as the Purchaser may reasonably  request,  provided,  however,  that the Company
shall not for any such  purpose be  required  to qualify  generally  to transact
business  as a  foreign  corporation  in  any  jurisdiction  where  it is not so
qualified or to consent to general service of process in any such jurisdiction;

         (e)  list  the  Registrable  Securities  covered  by  the  Registration
Statement with any securities  exchange on which the Common Stock of the Company
is then listed;

         (f)  immediately  notify the  Purchaser  at any time when a  Prospectus
relating  thereto is required to be delivered  under the Securities  Act, of the
happening  of any event of which the Company has  knowledge as a result of which
the  Prospectus  contained in such  Registration  Statement,  as then in effect,
includes  an untrue  statement  of a material  fact or omits to state a material
fact required to be stated therein or necessary to make the  statements  therein
not misleading in light of the circumstances then existing; and

         (g) make  available  for  inspection by the Purchaser and any attorney,
accountant or other agent  retained by the  Purchaser,  all publicly  available,
non-confidential  financial and other records, pertinent corporate documents and
properties  of the Company,  and cause the  Company's  officers,  directors  and
employees  to  supply  all  publicly  available,   non-confidential  information
reasonably requested by the attorney, accountant or agent of the Purchaser.

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         4.  Registration  Expenses.  All  expenses  relating  to the  Company's
compliance  with Sections 2 and 3 hereof,  including,  without  limitation,  all
registration  and filing fees,  printing  expenses,  fees and  disbursements  of
counsel and independent  public  accountants for the Company,  fees and expenses
(including  reasonable  counsel fees) incurred in connection with complying with
state securities or "blue sky" laws, fees of the NASD,  transfer taxes,  fees of
transfer agents and registrars,  reasonable fees of, and disbursements  incurred
by, one counsel for the Holders, are called "Registration Expenses." All selling
commissions applicable to the sale of Registrable Securities, including any fees
and disbursements of any special counsel to the Holders beyond those included in
Registration  Expenses, are called "Selling Expenses." The Company shall only be
responsible for all Registration Expenses.

         5.       Indemnification.

         (a) In the event of a registration of any Registrable  Securities under
the  Securities Act pursuant to this  Agreement,  the Company will indemnify and
hold harmless the Purchaser, and its officers,  directors and each other person,
if any, who controls the  Purchaser  within the meaning of the  Securities  Act,
against any losses, claims,  damages or liabilities,  joint or several, to which
the  Purchaser,  or such persons may become  subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect  thereof) arise out of or are based upon any untrue statement or alleged
untrue  statement of any material fact contained in any  Registration  Statement
under which such Registrable Securities were registered under the Securities Act
pursuant to this  Agreement,  any  preliminary  Prospectus  or final  Prospectus
contained therein,  or any amendment or supplement  thereof,  or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated  therein or necessary to make the  statements  therein not
misleading,  and will  reimburse  the  Purchaser,  and each such  person for any
reasonable  legal  or  other  expenses  incurred  by  them  in  connection  with
investigating or defending any such loss,  claim,  damage,  liability or action;
provided,  however,  that the Company will not be liable in any such case if and
to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue  statement  or alleged  untrue  statement  or  omission  or
alleged  omission so made in  conformity  with  information  furnished  by or on
behalf of the  Purchaser or any such person in writing  specifically  for use in
any such document.

         (b) In the event of a registration of the Registrable  Securities under
the Securities Act pursuant to this Agreement,  the Purchaser will indemnify and
hold harmless the Company, and its officers, directors and each other person, if
any, who controls the Company within the meaning of the Securities Act,  against
all losses,  claims,  damages or  liabilities,  joint or  several,  to which the
Company  or  such  persons  may  become  subject  under  the  Securities  Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect  thereof) arise out of or are based upon any untrue statement or alleged
untrue  statement  of any  material  fact which was  furnished in writing by the
Purchaser to the Company expressly for use in (and such information is contained
in) the  Registration  Statement  under which such  Registrable  Securities were
registered under the Securities Act pursuant to this Agreement,  any preliminary
Prospectus or final Prospectus contained therein, or any amendment or supplement

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thereof,  or arise out of or are based upon the omission or alleged  omission to
state therein a material fact required to be stated therein or necessary to make
the statements  therein not misleading,  and will reimburse the Company and each
such  person for any  reasonable  legal or other  expenses  incurred  by them in
connection  with  investigating  or  defending  any such  loss,  claim,  damage,
liability or action, provided, however, that the Purchaser will be liable in any
such  case if and only to the  extent  that  any such  loss,  claim,  damage  or
liability  arises out of or is based upon an untrue  statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished  in  writing  to  the  Company  by  or  on  behalf  of  the  Purchaser
specifically  for use in any such  document.  Notwithstanding  the provisions of
this  paragraph,  the Purchaser shall not be required to indemnify any person or
entity in excess of the amount of the  aggregate  net  proceeds  received by the
Purchaser  in respect of  Registrable  Securities  in  connection  with any such
registration under the Securities Act.

         (c) Promptly after receipt by a party entitled to claim indemnification
hereunder (an "Indemnified  Party") of notice of the commencement of any action,
such Indemnified Party shall, if a claim for  indemnification in respect thereof
is to be made against a party hereto  obligated  to indemnify  such  Indemnified
Party (an  "Indemnifying  Party"),  notify  the  Indemnifying  Party in  writing
thereof,  but the omission so to notify the Indemnifying Party shall not relieve
it from any  liability  which it may have to such  Indemnified  Party other than
under this Section 5(c) and shall only  relieve it from any  liability  which it
may have to such Indemnified  Party under this Section 5(c) if and to the extent
the Indemnifying  Party is prejudiced by such omission.  In case any such action
shall  be  brought  against  any  Indemnified  Party  and it  shall  notify  the
Indemnifying Party of the commencement  thereof, the Indemnifying Party shall be
entitled  to  participate  in and,  to the extent it shall  wish,  to assume and
undertake  the defense  thereof with counsel  satisfactory  to such  Indemnified
Party,  and, after notice from the Indemnifying  Party to such Indemnified Party
of its election so to assume and undertake the defense thereof, the Indemnifying
Party shall not be liable to such Indemnified  Party under this Section 5(c) for
any legal expenses subsequently incurred by such Indemnified Party in connection
with the defense thereof; if the Indemnified Party retains its own counsel, then
the  Indemnified  Party shall pay all fees,  costs and expenses of such counsel,
provided,  however,  that, if the defendants in any such action include both the
indemnified  party and the  Indemnifying  Party and the Indemnified  Party shall
have reasonably  concluded that there may be reasonable defenses available to it
which are different  from or additional to those  available to the  Indemnifying
Party or if the interests of the Indemnified  Party  reasonably may be deemed to
conflict with the interests of the  Indemnifying  Party,  the Indemnified  Party
shall have the right to select one  separate  counsel  and to assume  such legal
defenses and otherwise to  participate  in the defense of such action,  with the
reasonable expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. In
order to  provide  for just and  equitable  contribution  in the  event of joint
liability  under  the  Securities  Act in any  case  in  which  either  (i)  the
Purchaser,  or any officer,  director or  controlling  person of the  Purchaser,
makes  a  claim  for  indemnification  pursuant  to  this  Section  5 but  it is
judicially  determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the
last right of appeal) that such indemnification may not be enforced in such case
notwithstanding  the fact that this  Section 5 provides for  indemnification  in
such case, or (ii) contribution  under the Securities Act may be required on the
part of the Purchaser or such  officer,  director or  controlling  person of the
Purchaser in  circumstances  for which  indemnification  is provided  under this

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Section 5; then,  and in each such case,  the  Company  and the  Purchaser  will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (after  contribution  from others) in such proportion so that the
Purchaser is responsible only for the portion represented by the percentage that
the  public  offering  price  of its  securities  offered  by  the  Registration
Statement bears to the public  offering price of all securities  offered by such
Registration  Statement,  provided,  however,  that,  in any such case,  (A) the
Purchaser  will not be required to contribute any amount in excess of the public
offering  price  of  all  such  securities   offered  by  it  pursuant  to  such
Registration  Statement;  and (B) no  person  or  entity  guilty  of  fraudulent
misrepresentation  (within  the  meaning  of  Section  10(f) of the Act) will be
entitled  to  contribution  from any person or entity who was not guilty of such
fraudulent misrepresentation.

         6.       Representations and Warranties.

         (a) The Company files reports pursuant to Section 12(g) of the Exchange
Act and,  except with respect to certain matters which the Company has disclosed
to the  Purchaser on Schedule 4.21 to the  Securities  Purchase  Agreement,  the
Company has timely filed all reports,  schedules,  forms,  statements  and other
documents  required to be filed by it under the  Exchange  Act.  The Company has
filed (i) its Annual  Report on Form 10-KSB for the fiscal  year ended  December
31, 2003 and (ii) its  Quarterly  Report on Form 10-QSB for the fiscal  quarters
ended March 31, 2004 and June 30, 2004 (collectively,  the "SEC Reports").  Each
SEC Report was, at the time of its filing,  in substantial  compliance  with the
requirements  of its  respective  form  and  none  of the SEC  Reports,  nor the
financial  statements (and the notes thereto) included in the SEC Reports, as of
their respective filing dates, contained any untrue statement of a material fact
or omitted to state a material fact  required to be stated  therein or necessary
to make the statements  therein,  in light of the circumstances under which they
were made, not misleading.  The financial  statements of the Company included in
the SEC  Reports  comply as to form in all  material  respects  with  applicable
accounting   requirements  and  the  published  rules  and  regulations  of  the
Commission or other applicable rules and regulations with respect thereto.  Such
financial  statements have been prepared in accordance  with generally  accepted
accounting  principles ("GAAP") applied on a consistent basis during the periods
involved (except (i) as may be otherwise indicated in such financial  statements
or the notes thereto or (ii) in the case of unaudited interim statements, to the
extent they may not include footnotes or may be condensed) and fairly present in
all material respects the financial condition, the results of operations and the
cash flows of the Company and its subsidiaries,  on a consolidated basis, as of,
and for, the periods presented in each such SEC Report.

         (b) The Common Stock is listed for trading on the NASD Over the Counter
Bulletin  Board and  satisfies all  requirements  for the  continuation  of such
listing.  The Company has not  received any notice that its Common Stock will be
delisted from the NASD Over the Counter  Bulletin Board or that the Common Stock
does not meet all requirements for the continuation of such listing.

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         7.       Miscellaneous.

         (a)  Remedies.  In the event of a breach by the Company or by a Holder,
of any of their respective obligations under this Agreement,  each Holder or the
Company,  as the case may be, in  addition to being  entitled  to  exercise  all
rights granted by law and under this Agreement,  including  recovery of damages,
will be entitled to specific performance of its rights under this Agreement.

         (b)  Compliance.  Each Holder  covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to
it  in  connection  with  sales  of  Registrable   Securities  pursuant  to  the
Registration Statement.

         (c) Discontinued Disposition.  Each Holder agrees by its acquisition of
such  Registrable  Securities that, upon receipt of a notice from the Company of
the occurrence of a Discontinuation  Event (as defined below),  such Holder will
forthwith  discontinue  disposition  of such  Registrable  Securities  under the
applicable  Registration  Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the  "Advice") by the Company that the use of the applicable
Prospectus  may be resumed,  and, in either  case,  has  received  copies of any
additional  or  supplemental  filings  that are  incorporated  or  deemed  to be
incorporated  by reference in such  Prospectus or  Registration  Statement.  The
Company may provide  appropriate  stop orders to enforce the  provisions of this
paragraph.  For purposes of this Section 7(d), a  "Discontinuation  Event" shall
mean (i) when the  Commission  notifies  the  Company  whether  there  will be a
"review" of such Registration  Statement and whenever the Commission comments in
writing on such  Registration  Statement  (the  Company  shall  provide true and
complete  copies  thereof  and  all  written  responses  thereto  to each of the
Holders);  (ii) any  request  by the  Commission  or any other  Federal or state
governmental  authority  for  amendments  or  supplements  to such  Registration
Statement or Prospectus or for additional information; (iii) the issuance by the
Commission of any stop order suspending the  effectiveness of such  Registration
Statement covering any or all of the Registrable Securities or the initiation of
any  Proceedings  for that  purpose;  (iv) the  receipt  by the  Company  of any
notification  with respect to the suspension of the  qualification  or exemption
from  qualification  of  any of  the  Registrable  Securities  for  sale  in any
jurisdiction,  or the  initiation  or  threatening  of any  Proceeding  for such
purpose;  and/or (v) the  occurrence  of any event or passage of time that makes
the financial statements included in such Registration  Statement ineligible for
inclusion  therein  or any  statement  made in such  Registration  Statement  or
Prospectus or any document  incorporated or deemed to be incorporated therein by
reference  untrue in any material respect or that requires any revisions to such
Registration  Statement,  Prospectus or other  documents so that, in the case of
such  Registration  Statement  or  Prospectus,  as the case may be,  it will not
contain any untrue  statement  of a material  fact or omit to state any material
fact required to be stated therein or necessary to make the statements  therein,
in light of the circumstances under which they were made, not misleading.

         (d) Piggy-Back  Registrations.  If at any time during the Effectiveness
Period  there is not an  effective  Registration  Statement  covering all of the
Registrable  Securities and the Company shall determine to prepare and file with
the  Commission  a  registration  statement  relating to an offering for its own
account or the account of others under the  Securities  Act of any of its equity
securities,  other than on Form S-4 or Form S-8 (each as  promulgated  under the
Securities Act) or their then  equivalents  relating to equity  securities to be
issued solely in connection  with any  acquisition  of any entity or business or

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equity  securities  issuable in connection  with stock option or other  employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder  shall  so  request  in  writing,  the  Company  shall  include  in  such
registration  statement  all or any  part of such  Registrable  Securities  such
holder  requests  to be  registered  to the extent the Company may do so without
violating  registration  rights  of  others  which  exist as of the date of this
Agreement,  subject to customary  underwriter cutbacks applicable to all holders
of registration  rights and subject to obtaining any required the consent of any
selling stockholder(s) to such inclusion under such registration statement.
         (e) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence,  may not be amended,  modified or supplemented,
and waivers or  consents to  departures  from the  provisions  hereof may not be
given,  unless the same shall be in writing  and signed by the  Company  and the
Holders of the then  outstanding  Registrable  Securities.  Notwithstanding  the
foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates  exclusively to the rights of certain  Holders and that
does not directly or indirectly  affect the rights of other Holders may be given
by Holders of at least a majority of the  Registrable  Securities  to which such
waiver or  consent  relates;  provided,  however,  that the  provisions  of this
sentence may not be amended, modified, or supplemented except in accordance with
the provisions of the immediately preceding sentence.

         (f) Successors and Assigns.  This Agreement  shall inure to the benefit
of and be  binding  upon the  successors  and  permitted  assigns of each of the
parties  and shall  inure to the  benefit of each  Holder.  The  Company may not
assign its rights or obligations  hereunder without the prior written consent of
each Holder.  Each Holder may assign their respective  rights hereunder with the
prior written  consent of the Company,  which consent shall not be  unreasonably
withheld.

         (g) Execution and  Counterparts.  This Agreement may be executed in any
number of counterparts,  each of which when so executed shall be deemed to be an
original  and, all of which taken  together  shall  constitute  one and the same
Agreement.   In  the  event  that  any   signature  is  delivered  by  facsimile
transmission,  such  signature  shall create a valid  binding  obligation of the
party  executing  (or on whose behalf such  signature is executed) the same with
the same  force and  effect as if such  facsimile  signature  were the  original
thereof.

         (h) Governing Law. All questions concerning the construction, validity,
enforcement  and  interpretation  of this  Agreement  shall be  governed  by and
construed  and enforced in  accordance  with the  internal  laws of the State of
Texas, without regard to the principles of conflicts of law thereof.  Each party
agrees that all  Proceedings  concerning the  interpretations,  enforcement  and
defense of the  transactions  contemplated  by this Agreement shall be commenced
exclusively  in the state and federal  courts  sitting in the City and County of
Dallas  Each  party  hereto   hereby   irrevocably   submits  to  the  exclusive
jurisdiction  of the state and federal  courts sitting in the City and County of
Dallas for the adjudication of any dispute  hereunder or in connection  herewith
or with any  transaction  contemplated  hereby or discussed  herein,  and hereby
irrevocably  waives, and agrees not to assert in any Proceeding,  any claim that
it is not personally  subject to the  jurisdiction of any such court,  that such

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Proceeding is improper.  Each party hereto hereby  irrevocably  waives  personal
service of process and consents to process  being served in any such  Proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery
(with  evidence of  delivery) to such party at the address in effect for notices
to it under this  Agreement and agrees that such service shall  constitute  good
and sufficient  service of process and notice thereof.  Nothing contained herein
shall be  deemed to limit in any way any right to serve  process  in any  manner
permitted by law.

         (i) Cumulative  Remedies.  The remedies  provided herein are cumulative
and not exclusive of any remedies provided by law.

         (j) Severability.  If any term,  provision,  covenant or restriction of
this  Agreement  is held by a court of  competent  jurisdiction  to be  invalid,
illegal,  void  or  unenforceable,  the  remainder  of  the  terms,  provisions,
covenants  and  restrictions  set forth  herein  shall  remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto  shall use their  reasonable  efforts to find and  employ an  alternative
means to achieve the same or substantially  the same result as that contemplated
by such term,  provision,  covenant or restriction.  It is hereby stipulated and
declared to be the  intention of the parties  that they would have  executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

         (k) Headings.  The headings in this  Agreement are for  convenience  of
reference only and shall not limit or otherwise affect the meaning hereof.

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         IN WITNESS WHEREOF,  the parties have executed this Registration Rights
Agreement as of the date first written above.

                                              RUSH FINANCIAL TECHNOLOGIES, INC.

                                              By:  /s/ D. M. Moore, Jr.
                                                  ---------------------
                                              Name:  D. M. Moore, Jr.
                                              Title: Chief Executive Officer

                                              BONANZA MASTER FUND, LTD.

                                              By:  /s/ Bernay Box
                                                  ---------------
                                              Name:  Bernay Box
                                              Title: Managing Partner

                                       15Exhibit 10.24

                        RUSH FINANCIAL TECHNOLOGIES, INC.
                               a Texas Corporation

                             STOCK PURCHASE WARRANT
                  To Purchase 1,250,000 Shares of Common Stock
                            Par Value $0.01 per share
                               September 30, 2004

THIS WARRANT AND THE SHARES OF COMMON STOCK  ISSUABLE UPON EXERCISE  HEREOF HAVE
BEEN ACQUIRED FOR INVESTMENT,  HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933,  AS AMENDED,  AND MAY NOT BE SOLD,  TRANSFERRED  OR ASSIGNED  UNLESS AN
OPINION OF COUNSEL  SATISFACTORY  TO THE COMPANY SHALL HAVE BEEN RECEIVED BY THE
COMPANY TO THE EFFECT  THAT SUCH SALE,  TRANSFER  OR  ASSIGNMENT  WILL NOT BE IN
VIOLATION  OF THE  SECURITIES  ACT OF  1933,  AS  AMENDED,  AND  THE  RULES  AND
REGULATIONS THEREUNDER, OR APPLICABLE STATE SECURITIES LAWS.

         1. Basic Terms. This certifies that, for value received, Bonanza Master
Fund,  Ltd. (the  "Holder") is entitled,  subject to the terms and conditions of
this Warrant,  until the expiration date, to purchase  1,250,000 whole shares of
Common Stock, par value $0.01 per share (the "Common Stock"),  of Rush Financial
Technologies,  Inc., a Texas  corporation (the "Company") from the Company.  The
Warrants are exercisable at the purchase price of $0.20 per share (the "Purchase
Price") immediately after completion of this offering on the following basis:

         U.S. $0.20 through December 31, 2004;
         U.S. $0.30 from January 1, 2005 through December 31, 2005;
         U.S. $0.40 from January 1, 2006 through December 31, 2006;
         U.S. $0.50 from January 1, 2007 through December 31, 2007;
         U.S. $0.60 from January 1, 2008 through December 31, 2008; and
         U.S. $0.70 from January 1, 2009 through September 30, 2009

upon delivery of this Warrant to the Company with "Form of Election to Purchase"
in the form of Exhibit "A," duly executed, and payment of the Purchase Price (in
cash or by cashier's  check  payable to the order of the Company) for each share
purchased.  This Warrant shall be  exercisable at any time, in whole or in part,
from the date hereof until 5:00 p.m.  Dallas,  Texas Time on September 30, 2009,
except if the  Company's  Common Stock trades at or above $1.00 per share on ten
consecutive trade days, the Company may, with five (5) days' notice, require the
holder to exercise the Election to Purchase.

         The Warrants,  if not exercised,  will expire at 5:00 p.m. on September
30, 2009.  The Warrants  contain  provisions  providing  for  adjustment  of the
exercise price and the number and type of securities issuable upon exercise upon
the occurrence of any recapitalization,  reclassification, stock dividend, stock
split,  stock  combination  or similar  transaction.  The Warrants  grant to the
holder certain  registration  rights for the securities  issuable upon exercise.
The Warrants  also provide  that,  except as permitted by the rules of the NASD,
they  may not be sold  during  the  offering,  or sold,  transferred,  assigned,
pledged  or  hypothecated,  or be  the  subject  of  any  hedging,  short  sale,
derivative,  put or call transaction that would result in the effective economic

                                       16
<PAGE>

disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of the sale of shares in the
offering.

         2. Company's  Covenants as to Common Stock.  Shares  deliverable on the
exercise of this Warrant shall, at delivery,  be fully paid and  non-assessable,
and free from  taxes,  liens and charges  with  respect to their  purchase.  The
Company shall take any necessary steps to assure that the par value per share of
the  Common  Stock is at all  times  equal to or less  than  the  then-  current
Purchase Price per share of the Common Stock issuable  pursuant to this Warrant.
The Company shall at all times reserve and hold available  sufficient  shares of
Common  Stock to satisfy  all  conversion  and  purchase  rights of  outstanding
convertible securities, options and warrants.

         3.  Method  of  Exercise;   Fractional   Shares.  The  purchase  rights
represented by this Warrant are exercisable at the option of the Holder in whole
or in part,  from time to time,  within the period  above  specified;  provided,
however,  that purchase rights are not exercisable with respect to a fraction of
a share of Common  Stock.  In lieu of  issuing a fraction  of a share  remaining
after exercise of this Warrant as to all full shares covered hereby, the Company
shall  either:  (1)  pay  therefor  cash  equal  to  the  same  fraction  of the
then-current Warrant purchase price per share or, at its option; (2) issue scrip
for the  fraction,  in  registered  or  bearer  form  approved  by the  Board of
Directors  of  the  Company,  which  shall  entitle  the  Holder  to  receive  a
certificate for a full share of Common Stock on surrender of scrip aggregating a
full share.  Scrip may become void after a reasonable  period (but not less than
six months after the expiration date of this Warrant) determined by the Board of
Directors  and  specified in the scrip.  In case of the exercise of this Warrant
for less than all the shares  purchasable,  the Company shall cancel the Warrant
and  execute and deliver a new Warrant of like tenor and date for the balance of
the shares  purchasable.  Upon the date of receipt by the Company of an exercise
of the  Warrant  ("Exercise  Date"),  the  Warrant  shall be deemed to have been
exercised as to the number of shares so purchased,  and the person so exercising
the  Warrant  shall  become a holder of record of shares of Common  Stock on the
Exercise Date.

         4.  Adjustments  of Shares and Purchase  Price.  The initial  number of
shares of  Common  Stock  purchasable  upon  exercise  of this  Warrant  and the
Purchase  Price shall be subject to adjustment  from time to time after the date
hereof as follows:

                  A.  Recapitalization  or  Reclassification of Common Stock. In
         case the Company shall at any time prior to the exercise or termination
         of this Warrant effect a recapitalization  or  reclassification of such
         character  that its  Common  Stock  shall  be  changed  into or  become
         exchangeable  for a larger or smaller number of shares,  then, upon the
         effective  date thereof,  the number of shares of Common Stock that the
         Holder of this  Warrant  shall be entitled to  purchase  upon  exercise
         hereof shall be increased or  decreased,  as the case may be, in direct
         proportion  to the  increase  or  decrease  in such number of shares of
         Common Stock by reason of such  recapitalization  or  reclassification,
         and the Exercise Price of such  recapitalized  or  reclassified  Common
         Stock  shall,  in the case of an increase  in the number of shares,  be
         proportionately  decreased and, in the case of a decrease in the number
         of shares, be proportionately increased.

                  B.  Consolidation,  Merger or Sale. In case the Company shall,
         at any time prior to the exercise of this Warrant, or the expiration of
         the Exercise Period, whichever first occurs,  consolidate or merge with
         any  other  corporation  (unless  the  Company  shall be the  surviving
         entity),  or  transfer  all or  substantially  all of its assets to any

                                       17
<PAGE>

         other corporation preparatory to a dissolution, then the Company shall,
         as a condition precedent to such transaction, cause effective provision
         to be made so that  the  Holder  of this  Warrant,  upon  the  exercise
         thereof after the effective date of such transaction, shall be entitled
         to receive the kind and amount of shares,  evidences  of  indebtedness,
         and/or other property receivable on such transaction by a holder of the
         number  of  shares  of  Common  Stock  as  to  which  the  Warrant  was
         exercisable  immediately  prior  to such  transaction  (without  giving
         effect to any restriction  upon such exercise);  and, in any such case,
         appropriate  provision  shall be made with  respect  to the  rights and
         interests  of the Holder  hereof to the effect that the  provisions  of
         this  Warrant  shall  thereafter  be  applicable  (as  nearly as may be
         practicable) with respect to any shares, evidences of indebtedness,  or
         other securities or assets thereafter deliverable upon exercise of this
         Warrant.

                  C.  Notice of  Adjustment.  Whenever  the  number of shares of
         Common  Stock  purchasable  upon  exercise  of this  Warrant  shall  be
         adjusted as provided herein,  the Company shall file with its corporate
         records a certificate of its Chief Financial  Officer setting forth the
         computation   and  the  adjusted  number  of  shares  of  Common  Stock
         purchasable  hereunder  resulting from such adjustments,  and a copy of
         such certificate shall be mailed to the Holder. Any such certificate or
         letter  shall  be  conclusive  evidence  as to the  correctness  of the
         adjustment  or  adjustments  referred to therein and shall be available
         for  inspection by the holders of the Warrants on any day during normal
         business hours.

         5. Limited  Rights of Holder.  This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company,  or to any
other rights  whatsoever  except the rights herein  expressed.  No dividends are
payable  or will  accrue on this  Warrant or the  shares  purchasable  hereunder
until, and except to the extent that, this Warrant is exercised.

         6. Exchange for Other Denominations.  This Warrant is exchangeable,  on
its surrender by the registered  owner to the Company,  for new Warrants of like
tenor and date representing in the aggregate the right to purchase the number of
shares purchasable hereunder in denominations designated by the registered owner
at the time of surrender.

         7. Transfer.  Holder  acknowledges  that this Warrant and the shares of
Common Stock or other securities into which this Warrant is exercisable have not
been registered  under the Securities Act of 1933, or any state securities laws,
but have been and will be issued pursuant to exemptions therefrom.  Accordingly,
Holder  acknowledges and agrees that this Warrant and the securities acquired by
it upon exercise  hereof may be transferred or assigned to another party only in
accordance with a valid registration statement or an exemption from registration
under the Securities Act and any applicable state securities laws.

         Subject to  applicable  securities  laws,  this  Warrant and all rights
hereunder are  transferable by the Holder hereof in person or by duly authorized
attorney  on the books of the  Company  upon  surrender  of this  Warrant at the
principal offices of the Company,  together with the Form of Assignment attached
hereto as Exhibit "B," duly executed.  Absent any such transfer, the Company may
deem and treat the registered Holder of this Warrant at any time as the absolute
owner  hereof for all  purposes,  and shall not be affected by any notice to the
contrary.

                                       18
<PAGE>

         8. Registration Rights. If, at any time during the Exercise Period, the
Company shall prepare and file one or more registration statements under the Act
with respect to a public  offering of equity or debt  securities of the Company,
or of any such  securities  of the Company held by its security  holders,  other
than a  registration  statement on Forms S-4, S-8, or similar form,  the Company
will include in any such registration statement such information as is required,
and such  number of shares of Common  Stock  held by, or shares of Common  Stock
underlying  outstanding Warrants held by, the Holder to permit a public offering
of such shares of Common Stock as required;  provided,  however, that if, in the
written  opinion  of the  Company's  managing  underwriter,  if  any,  for  such
offering, the inclusion of the shares requested to be registered,  when added to
the  securities  being  registered  by  the  Company  or  the  selling  security
holder(s),  would exceed the maximum amount of the Company's securities that can
be marketed  without  otherwise  materially  and adversely  affecting the entire
offering,  then the Company may exclude from such  offering  that portion of the
shares required to be so registered so that the total number of securities to be
registered  is within the maximum  number of shares that,  in the opinion of the
managing underwriter, may be marketed without otherwise materially and adversely
affecting the entire offering; also provided, that the Company shall be required
to include in the  offering  and in the  following  order:  first,  the pro rata
number of  securities  requested by the Holder of this  Warrant,  along with all
other  holders of warrants  issued in this  series;  and,  second,  the pro rata
number of securities  requested by all other  holders of  securities  requesting
registration  pursuant to other  registration  rights. The Company shall use its
best efforts to obtain promptly the effectiveness of such registration statement
and maintain the effectiveness  thereof for at least 180 days and to register or
qualify the subject shares of Common Stock  underlying  this Warrant for sale in
up to five (5) states identified by such Holder. The Company shall bear all fees
and expenses  other than the fees and expenses of Holder's  counsel  incurred in
the  preparation  and filing of such  registration  statement  and related state
registrations,  to the extent permitted by applicable law, and the furnishing of
copies of the preliminary and final prospectus thereof to such Holder.

         9.  Recognition  of  Registered  Owner.  Prior to due  presentment  for
registration  of transfer of this Warrant,  the Company may treat the registered
owner as the person  exclusively  entitled to receive  notices and  otherwise to
exercise rights hereunder.

         10.  Notice and Effect of  Dissolution,  etc.  In case a  voluntary  or
involuntary dissolution,  liquidation,  or winding up of the Company (other than
in connection with the consolidation or merger covered by Section 4 above) is at
any time proposed, the Company shall give at least 30 days' prior written notice
to the Holder. Such notice shall contain:  (1) the date on which the transaction
is to take place; (2) the record date (which shall be at least 30 days after the
giving of the notice) as of which  holders of Common  Shares will be entitled to
receive distributions as a result of the transaction; (3) a brief description of
the  transaction;  (4) a brief  description  to be made to the holders of Common
Shares as a result of the transaction;  and (5) an estimate of the fair value of
the distributions.  On the date of the transaction,  it if actually occurs, this
Warrant and all rights hereunder shall terminate.

         11. Method of Giving Notice; Extent Required. Notices shall be given by
first class mail, postage prepaid, addressed to the Holder at the address of the
owner appearing in the records of the Company or to the Company at its principal
office,  or at such other addresses as to which either the Holder or the Company
gives the other written notice as provided herein.

         12.  Entire  Agreement.  This  Warrant,   including  the  exhibits  and
documents  referred  to  herein  which are a part  hereof,  contain  the  entire
understanding of the parties hereto with respect to the subject matter,  and may

                                       19
<PAGE>

be amended only by a written instrument  executed by the parties hereto or their
successors or assigns.  Any paragraph  headings  contained in this Agreement are
for  reference  purposes  only,  and shall not affect in any way the  meaning or
interpretation of this Warrant.

         13. Governing Law. This Warrant is governed by,  interpreted under, and
construed in all respects in accordance with the  substantive  laws of the State
of  Texas,  without  regard  to the  conflicts  of law  provision  thereof,  and
irrespective of the place of domicile or residence of the parties.  In the event
of a controversy arising out of the interpretation, construction, performance or
breach of this Warrant, the parties hereby agree and consent to the jurisdiction
and venue of the  Courts of the State of Texas,  or the United  States  District
Court for the Northern District of Texas, and further agree and consent that all
personal service of process in any such action or preceding outside the State of
Texas shall be tantamount to service in person in Texas.

         Witness the signature of its authorized officer.

                                    RUSH FINANCIAL TECHNOLOGIES, INC.

                                    By:  /s/ D. M. Moore, Jr.
                                         --------------------
                                         D. M. (Rusty) Moore, Jr., President

                                       20
<PAGE>

                                    EXHIBIT A

                          FORM OF ELECTION TO PURCHASE

(To be Executed by the Holder if He/She Desires to Exercise  Warrants  Evidenced
by the Attached Warrant Certificate)

To RUSH FINANCIAL TECHNOLOGIES, INC.:

         The  undersigned   hereby   irrevocably  elects  to  exercise  Warrants
evidenced by the attached Warrant  Certificate for, and to purchase  thereunder,
________________________  full  Shares  of Rush  Financial  Technologies,  Inc.,
Common  Stock,  issuable  upon  exercise of said  Warrants  and  delivery of the
Exercise Price for each share purchased.

                                       _________________________________________
                                                      Name

                                       TAXPAYER IDENTIFICATION NUMBER:

                                       _________________________________________

         If said number of Warrants  shall not be all the Warrants  evidenced by
the attached Warrant  Certificate,  the undersigned  requests that a new Warrant
Certificate  evidencing  the  Warrants not so exercised be issued in the name of
and delivered to:

________________________________________________________________________________
                         (Please Print Name and Address)

________________________________________________________________________________

________________________________________________________________________________

Dated:________________, 20____       Signature:_________________________________

                                       21
<PAGE>

                                    EXHIBIT B

                               FORM OF ASSIGNMENT
                               ------------------

  (To be executed by the registered holder if he/she desires to assign warrants
evidenced by the attached warrant certificate. Any such assignment is subject to
           certain restrictions contained in the Warrant Certificate.)

         FOR VALUE  RECEIVED,  _________________________________________  hereby
sells,   assigns  and  transfers  unto   ______________________________________,
Warrants to purchase  __________________ shares of Common Stock, par value $0.01
per share,  of Rush  Financial  Technologies,  Inc.,  evidenced  by the attached
Warrant  Certificate,   and  does  hereby  irrevocably  constitute  and  appoint
_______________________________,   Attorney  to  transfer   the  said   Warrants
evidenced by the attached Warrant Certificate on the books of the Company,  with
full power of substitution.

Dated: ____________________, 20_____.

                                       _________________________________________
                                       Owner

                                       22

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