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: Gary Korn who wrote (3548)	8/16/1999 2:46:00 AM
From: Joseph Silent	Read Replies (2) of 10027

Gary, Its late, and I'm a bit befuddled in the head. However, I think there is something wrong with the way that statement is phrased. Consider that N shares are to be traded with both systems. In the current system, if N is small enough, all N shares may trade at some price (say 12-1/4). But if we moved to pennies, and an ECN's limit orders were distributed over all 25 pennies between 12.01 and 12.25, then to get N shares one may have to trade all over the place between 12.01 and 12.25. So instead of one trade, there will be many. Thus, as I understand it, volume (number of shares traded) will remain the same, but the number of trades will go up. So whoever is charging for transactions (trades) will benefit. I hope I'm making sense here. :)

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