Here's the PR about NITE taking a stake in TRAC. Not too many people have accused Knight of being bad trader's, and they paid $1.25 per share.
12-04-2000 08:01:46 AM Knight Trading Group to Acquire Stake in Track Data Corporation
Knight and Track Also Sign Letter of Intent to Develop Institutional Trading
Platform
JERSEY CITY, N.J. and NEW YORK, Dec. 4 /PRNewswire/ -- Knight Trading
Group, Inc. (Nasdaq: NITE) and Track Data Corporation (Nasdaq: TRAC) today
announced that Knight has agreed to acquire one million shares of Track common
stock for $1.25 million and has received a three-year option to acquire an
additional two million shares of Track stock for $3.5 million. The companies
also announced today that they have signed a non-binding letter of intent to
operate a joint venture that will cater to the trading needs of institutional
investors.
"We believe that the order management needs of institutional investors are
underserved by the order management systems currently available in the
securities marketplace," said Kenneth D. Pasternak, Chairman, Chief Executive
Officer and President of Knight Trading Group. "Knight's joint venture with
Track, once finalized, will provide a front-end order management system that
will meet institutions' securities order handling and routing needs. Knight
will provide liquidity and content to the new operation, while Track will add
functionality and control for the system's institutional subscribers."
"We are very pleased that a well-recognized company such as Knight
believes in the value of our company and has decided to make this investment,"
said Barry Hertz, Chairman and Chief Executive Officer of Track Data. "Knight
has been one of the market makers to which we route myTrack traders' listed
and over-the-counter securities orders. We believe that the joint venture
will provide us with a great opportunity to expand our online trading and
market data system for institutions."
Knight is the liquidity center that offers superior execution services to
its broker-dealer and institutional clients in over-the-counter (OTC) and
listed equity securities, and in equity options. In so doing, Knight helps
its clients meet their fiduciary obligation of obtaining best execution for
the securities orders that they place on behalf of their customers. Knight
also maintains an asset management business for institutional investors and
high net worth individuals through Deephaven Capital Management.
Knight has the power to commit capital for market orders, and also
maintains one of the largest limit order books in the OTC market. It is one
of the largest destinations for stock orders placed via the Internet. Knight
traded 87 billion shares in the first nine months of 2000, a volume behind
only those posted by Nasdaq and the New York Stock Exchange (NYSE). It is a
charter member of Fortune magazine's "e-50 Stock Index," an elite collection
of companies shaping the Internet-based economy. Knight also is ranked by
Forbes magazine as one of the 500 most profitable public companies in the U.S.
Ultimately, Knight plans to enable the global trading village to trade all
types of equity securities and options at anytime, from anywhere in the world.
More information about Knight can be obtained at
knighttradinggroup.com.
Track Data Corporation is a New York-based financial services company that
provides real-time financial market data, news, and research to institutional
and individual investors through dedicated telecommunication lines and the
Internet. It also disseminates news and third party database information from
more than 100 sources worldwide. Track has been a supplier of electronically
delivered financial information since 1981.
In addition to its market data products, Track offers myTrack, a fully
integrated, Internet-based online trading and market data system. myTrack
offers its users market access through PCs, browser phones, and PDAs. More
information about myTrack can be obtained at mytrack.com or by
calling 1-800-myTrack.
Track maintains more than a dozen offices worldwide with executive offices
located at 56 Pine Street, New York, New York 10005 and at 95 Rockwell Place,
Brooklyn, New York 11217. |
