From Raging Bull call to IR:
IR on why no press release/ rebuttal:
Per IR, what is to be accomplished going head to head with irresponsible journalism, thereby paying homage to such ploys? Per IR, these guys DO play favorites and Knight/Trimark refuses to get involved in a '####-fight' (my phrase). PR's are very expensive and once it is begun, it can go on and on, involving quite a bit of company money. Pasternak chooses not to spend profits on this, but prefers to let profits/earnings speak for the company and its efforts. (Personally, I have always liked the idea of letting results speak for themselves.) eom
More IR, for those of non-fatalistic nature:
I mentioned how many people were 'out there' hyping up the ECN's, and that I wanted to know the real story, how it is effecting NITE's business...
Answer was that first of all, it is just that: HYPE. Some numbers behind ECN's:
-the money-maker is market orders (of course)
-a little over 20% of all orders are limit orders (the only kind ECN's can handle); the rest are market orders
-less than 20% of those limit orders going to ECN's are actually matched
Is the 8-ECN consolidation a problem? Knight has no problem with this, took part in it, because they do feel that ECN's are important, have a place, serve a purpose...but are not a threat. eom
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