Knight/Trimark Group, Inc. Message Board

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Non-Tech : Knight/Trimark Group, Inc.

KCG 20.00

0.0%

Aug 17 5:00 PM EST

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To: GS_Wall Street who wrote (2342)	7/14/1999 12:12:00 PM
From: Sir Francis Drake	Read Replies (1) of 10027

Greg - MLCO does trade for their own account, as does GSCO. They do not of course have to make a market in that particular security - f.ex. GSCO was responsible for a lot of the movement in a NYSE issue (AOL) late last year - they held millions of shares. What they did was nothing different from any institutional trading. However, f.ex. GSCO also makes a market in MSFT, and also holds very substantial position in the stock. I don't know specifically what the deal is with FBCO, but there are several ways in which FBCO could play NITE - f.ex. if they got a big institutional order to unload, say 3 million shares, they may do it over a period of time, or they may trade their own account. MMs often maintain inventory of a stock, which they trade - long and short. Actually there was just an article in the LA Times recently about MMs and the opening prices at the open on the Naz vs NYSE specialists. In it, they described how MMs often short shares just after the open, which is why you often have sharp drops after the first few minutes after the open. They run 'em up, and short 'em. Par for the course. Morgan

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