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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Silent who wrote (2389)	7/14/1999 9:58:00 PM
From: GS_Wall Street	Read Replies (1) \| Respond to of 10027

Joe, there is connection between order flow and the MM function. Lets say 100,000 shares come accross the MM desk. The MM most likely is not going to get the same price for all 100,000 shares. He will work the order around with other MM and then start to hit the ask. Sometimes quitly and sometime aggressively. His goal is to buy 100,000 plus x number for himself. He may buy and sell all day or just buy. When he is done he has an avg price of 51, stock is at 53. He sells his x number of shares towards end of day and drives price down to 52.5 He makes money on his share, the client has avg cost of 51.5 so he is happy and comes back, so every one wins.