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Non-Tech : Knight/Trimark Group, Inc.

KCG 20.00

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Aug 17 5:00 PM EST

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To: Esway who wrote (4699)	10/7/1999 1:55:00 PM
From: Herschel Rubin	Read Replies (2) of 10027

It is interesting that Sanford Bernstein analyst Steve Galbraith has just learned about the threat of ECN's when this has been plastered all over the press for the past two months. He's a fast learner. What he fails to mention is Pasternak has already addressed this issue: The ECN's will have spontaneous liquidity only in the largest 10% of equities. In other words, the ECN model will only function in the MSFT's and CSCO's of the world. Pasternak then said it would in no way put them out of business if they didn't make a market for the largest 10% of stocks. NITE does quite well in the other 90% of the 7000 issues they make a market for. The lower the liquidity of an issue, the higher the spread for NITE. Consider the phenomenal projected growth of the markets. Getting a major percentage of market making activities for a vastly growing market will still ensure growth. Are you listening, Mr. Galbraith, or do you have another agenda with NITE?

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