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: Bob Kim who wrote (5418)	10/31/1999 8:41:00 PM
From: gbh	Read Replies (1) of 10027

Bob, your numbers point out the the single glaring shortfall of the quarter. Revenue per trade. ML and others, for whatever reasons, saw NITE maintaining the $10/trade revenue number of 2Q. In times of lower volatility, it now seems apparent the $10 number is unrealistic. We now know that the long term realistic number is $8/trade, according to KP. My guess is that this number won't be consistent either, but rather, a cyclical thing, coincident with volatility, and to a lesser extent, volume. IMO, NITE with continue to be a cyclical stock. Perhaps KP was somewhat unwilling to accept this fact until 3Q was over. I imagine the reality of 3Q has re-fashioned his view. Gary

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