NITE,great news:
To: blankmind who wrote (4207)
From: Gary Korn Tuesday, Sep 21 1999 6:51PM ET
Reply # of 4210
Wow!!!!!! NITE as After-Hour Market Maker!!!!!!!
Ameritrade to offer expanded hours
By Emily Church, CBS MarketWatch
Last Update: 4:31 PM ET Sep 21, 1999 NewsWatch
NEW YORK (CBS.MW) -- Ameritrade Holding on Tuesday threw its hat into the expanded-hours trading ring.
The discount online broker (AMTD: news, msgs) said it will "soon" link its customers with off-hours sessions run by the Island ECN, the second largest electronic trading network; MarketXT, an alternative trading systems that's after-hours only; market maker Knight/Trimark (NITE: news, msgs); and the Chicago Stock Exchange.
Shares of Ameritrade traded down 1/4 to 17 5/8 on the day. Ameritrade customers will likely be able to trade on "one or two" of the after-hours alternatives before Oct. 1 -- likely the Island ECN, where the two companies are winding down a testing phase, said Kurt Halvorson, president of Ameritrade's clearing subsidiary.
Ameritrade plans to offer "direct connectivity" to all four of the electronic alternatives, and eventually to all of the electronic communications networks (ECNs) through its ties to Knight/Trimark. Ameritrade already sends over half of its orders through Knight, one of the largest market makers in Nasdaq shares.
Halvorson expects after-hours trading to "start slow and gradually build. We don't anticipate a flood of orders initially. As people get more familiar with it, we would see it grow over the next two to four quarters."
Off-hours trading could amount to some 2-5 percent of Ameritrade's daily trade flow in about 12 months, Halvorson said |
