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To: Sir Francis Drake who wrote (3247)	8/8/1999 1:15:00 PM
From: Testy_Coles	Read Replies (3) \| Respond to of 10027

Morgan and Herschel, this was lifted from the Yahoo NITE board... >>>If a limit order is submitted through an ECN, that ECN can/will attempt to match that order to another limit order in their own book. To do this efficiently, the ECN must have a large order book. At some point, if the ECN cannot match the order, then it next goes out to the exchange board where anyone can execute it. The ECN holds no stock inventory, thus is unable to execute the trade if holds no matching order. They have few employees, and they make their money charging a cent a share or less. It is increasingly a highly automated process.<<< my question... I did not realize ECN's could "match up" internal orders. I thought they were strictly a target vehicle to execute. If the above is correct, ECN's would seem to be more like an exchange. Maybe I'm not seeing the forest for the tree's...please comment if you can. Thanks!

To: Sir Francis Drake who wrote (3247)	8/8/1999 11:25:00 PM
From: LLCoolG	Read Replies (1) \| Respond to of 10027

Did it ever occur to you that perhaps their underwriters have told them to be quiet? It is a fairly common occurrence for quality companies to be very quiet during these types of times, to allow for their underwriters to accumulate their stock at very low prices. I know if I was Pasternak, and I knew that I was going to increase my workforce by 50% between July and December, I would keep my mouth shut to allow for my IBs to load up. Especially if I had my first opportunity to sell after the IPO. I'd be a lot more concerned with finding out if there is merit to the hypotheses that ECNs will be taking over and how the major Houses would react to this "fact" before I worried about NITE's PR strategy. There has to be a method to the perceived madness. G