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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: Sir Francis Drake who wrote (3401)8/11/1999 12:45:00 PM
From: GS_Wall Street   of 10027
 
Little known facts about NITE

Last Qtr avg number of share per trade was 994. This is an indicator that the majority of NITE volume is institutional. Thus slow down in OL trading will have minimal effect.

From Trimark

"Every order sent to Trimark via our trading system that is eligible for execution is immediately filled in its entirety (no partials), up to 5000 shares at the best consolidated inside quote or better. This commitment applies regardless of the size indicated by the best quote. Not only does the client's market order receive the best price available on any competing exchange, or by any other market maker, but also they receive that price for many more shares than bid or offered anywhere else. In effect, Trimark is supplying additional depth and liquidity to these markets. Trimark believes this potential for liquidity enhancement is a tremendous added value."

NITE provide a "riskless" transaction. I use the work riskless losely, but NITE only fills the orders when the conditions are right to make a riskless profit. ECN only enhance the ability to make money for NITE. As long as NITE provides liquidity and price improvements over ECN's they will continue to be number one.

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