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

To: LLCoolG who wrote (3509)	8/12/1999 11:01:00 PM
From: Bob Kim	Respond to of 10027

Everyone, I've made a very minor update to my NITE page. It discusses Jefferies' recent price target reduction. BTW, Gary Craft resigned from E*Offering. Maybe he'll show up at a traditional firm. Here's the link: restex.com Bob

To: LLCoolG who wrote (3509)	8/12/1999 11:59:00 PM
From: Joseph Silent	Respond to of 10027

In support of a prior note, in which I pointed out that Wall St is (?) not fond of day-traders: cbs.marketwatch.com Regarding the unfortunate Barton incident. We have had similar problems with Postal workers, with more of a pattern.

To: LLCoolG who wrote (3509)	8/13/1999 12:08:00 AM
From: Joseph Silent	Respond to of 10027

A Request. Would someone knowledgeable person(s) on this board present some (brief) details on how exactly an order is processed via (1) an ECN, and (2) a market maker. I know that Knight/Trimark lies between the ECNs and Wall St. Once we all have a better pic of the interaction between Knight and ECNs, costs and so on, we may be able to make some sense of the ECN pic, at least tentatively. Some facts. Apparently ECNs are now having trouble getting payment from market makers. That is one reason they are trying to become exchanges. If a MM wants to go through an ECN, the costs double (Nasdaq messaging costs, and ECN access fees -- double from $15 to $30). Right now market makers cannot charge such access fees (they make money on spreads), but there is a new proposal for them to charge access fees. What I'd really like to get is an architectural view of order flows, between the public, instutions, ECNs and market-makers. Anyone knowledgeable want to help? Thanks, Joseph