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: Testy_Coles who wrote (3248)	8/8/1999 1:34:00 PM
From: Joseph Silent	Read Replies (1) of 10027

Testy ---- I'm sure Morgan and Herschel can give a more detailed answer. In brief, ECNs cannot "execute" if they cannot match a buyer and seller. This is the "liquidity" problem. When they can't execute locally, they route to someone else (like NITE). Who the potential targets can be is beyond me at this point (e.g., other ECNs too?) The problem is that any delay in the process will cost the investor some price movement. An investor who sends an order must always assume that price is moving against him and not for him. So the faster the better. NITE is faster than an ECN. ECNs are mulling over the idea of becoming exchanges. I think Instinet is already trying. They'll now have all kinds of regulations to contend with. Will NYSE and Nasdaq let them? Hope this helps a bit. Joseph

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