On 15 June 1971, Laker Airways submitted an application to the UK's Air Transport Licensing Board (ATLB), one of the forerunners of today's Civil Aviation Authority (CAA), to launch the world's first daily transatlantic, low-fare scheduled service between London and New York City, charging a then incredibly low one-way fare of £32.50 in winter and £37.50 in summer. This was one third of what the major, established "flag carriers" were charging at the time. The proposed service was to be marketed using the "Skytrain" trademark and was to be initially operated with 158-seat, single-class Boeing 707-138Bs that were acquired second-hand. "Skytrain" was to be a "walk-on", "walk-off" operation that did not require any advance reservations. Instead, seats were to be sold to the travelling public at each end of the route on a "first come, first served" basis only.