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To: Keith J who wrote (3603)8/21/1999 12:43:00 PM
From: Gary Korn  Respond to of 10027
 
Keith,

Thank you very much for the OTC BB URLs. They do confirm a decline in BB volume

Your other point is very well taken. If the average price of a traded BB share is .90, then I suppose NITE makes less per OTC trade then it does per NASD trade. (Once again, can anyone cite a source that would break down per share revenue for OTC vs. NASD?)

That being the case, the 28% decline from 2Q to 3Q of OTC volume would be less significant than the raw numbers suggest.

The question is whether the 18% increase in NITE's July NASD volume can make up for the 28% decrease in OTC volume generally (which may or may not translate into an equivalent NITE-specific volume decline).

And then there are the issues of August volumes and volatility.

Perhaps BBRS was too aggressive in revising all the way down to .36?

Gary Korn



To: Keith J who wrote (3603)8/21/1999 12:49:00 PM
From: Keith J  Read Replies (2) | Respond to of 10027
 
Gary, considering we have the whole month of September ahead of us, I think it's premature to make changes to estimates. That said, August trading has been fairly light on the NYSE and moderate at best on NASDAQ....I really don't know about BB.

But that should have been expected...people do go on vacation and volume is always light in the summer.

KJ