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

To: GS_Wall Street who wrote (2724)	7/22/1999 10:58:00 PM
From: John Sanderson	Read Replies (2) \| Respond to of 10027

Greg you don't have a clue. ECN's will rule one day. Your statement about liquidity is nuts. I am a professional trader and MM's do not "get you better pricing". Their objective is to make a profit off your trade, they sell to you at the ask and buy from you at the bid, if you are foolish enough to put in a market order. They play the spread. ECN's on the other hand, provide MAJOR liquidity. If you need to get out or in fast, an ECN is usually there for you. In a fast moving market MM's just back away from the bid or ask, unless they are handling order flow, either market orders or limit orders. The number of market makers has declined over the years, because many of them found it unprofitable. NITE has filled the niche and done well, but their growth is now limited. NITE's high p/e will prevent any takeover and do not expect any great 3rd quarter numbers. The 200 day moving average is $31. I shorted NITE yesterday at 9:30 @ 53 3/16 and will not cover until it is in the 30's. We will see this sooner than most think.