Positive reference on CNBC at about 9:37 a.m. about the MER deal. Reporter said it could be "very big for NITE." Here is the press release:
Thursday August 26, 6:00 am Eastern Time
Company Press Release
SOURCE: Knight/Trimark Group, Inc.
Knight/Trimark Group Announces Agreement with Merrill Lynch Clearing Unit
JERSEY CITY, N.J., Aug. 26 /PRNewswire/ -- Knight/Trimark Group, Inc. (Nasdaq: NITE - news), the largest wholesale market maker of U.S. equity securities, announced today that by mid-October of 1999, Knight Securities will clear and settle all of its securities transactions through Broadcort Capital Corp., Merrill Lynch's clearing and settlement subsidiary.
In the second quarter of 1999, Knight Securities executed over 15.4 million trades. Since February of 1998, Knight Securities has maintained the number one ranking for Nasdaq/OTC securities according to The AutEx Group.*
``A clearing partnership with Merrill Lynch is strategically aligned with Knight/Trimark's long term expansion objectives,' said Kenneth D. Pasternak, President and Chief Executive Officer of Knight/Trimark Group. ``Particularly attractive for Knight are Merrill Lynch's multiple product lines and vast international network, attributes that will greatly benefit our efforts to diversify our revenue stream by expanding into the options and international securities markets. We are also looking forward to an opportunity to apply our electronic market making expertise and 'Best Execution Standards' to Merrill Lynch's growing presence in the on-line securities trading arena.'
``Knight/Trimark is an important participant in the over the counter market and we are pleased to be offering our services to them as we build our clearing and settlement business globally,' said Thomas Joyce, Chairman of Broadcort Capital Corp. and head of U.S. Equities at Merrill Lynch.
Knight/Trimark, headquartered in Jersey City, New Jersey, is the parent company of Knight Securities and Trimark Securities (Members: NASD & SIPC). Knight Securities makes markets in over 7,100 equity securities listed in The Nasdaq Stock Market and the OTC Bulletin Board (OTCBB) of the National Association of Securities Dealers (NASD). Trimark Securities trades NYSE- and AMEX-listed equity securities over the counter -- the Third Market. The four-year-old company, the number one execution destination for retail trades originated over the Internet, is the unseen ``processing power' behind the explosive growth in on-line securities trading. It employs more than 550 people worldwide with offices in Jersey City, NJ; Jericho and Purchase, NY; Chicago, IL; Boston, MA; and London, England. For more information, visit Knight/Trimark's web site at knight-sec.com.
* The AutEx Group is a widely-recognized industry reporting service that
provides daily statistics on trading activity and broker-dealer
market-share, as reported by broker-dealers.
SOURCE: Knight/Trimark Group, Inc. |
