Knight/Trimark Group, Inc. Message Board

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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: Gary Korn who wrote (5020)	10/13/1999 10:39:00 PM
From: gbh	Read Replies (1) of 10027

Gary, I just listened to the replay of the CC on RealAudio. You covered the call very thoroughly, but let me add a few things concerning KP's view of the ECN situation. His view on the current rash of investments in ECNs by the big retail brokers is that ECNs are complementary to their own market making operations. These guys (MER, GS, etc.) are using the ECNs, not to direct order flow directly, but instead as an outlet for built up inventory. He sees these investments as competitive to the pricing structure of Instinet, which charges .01 to .02 per share. The others (BRUT, REDI, ISLD, etc) charge as little as "a mil" according to KP (I guess this is .001, or 1/10 of a cent per share; I know this is true for ISLD; not sure about the others). This is discussed in detail by KP toward the end of the question an answer phase of the call for anyone who wants to get this straight from the horses mouth. Gary

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