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

To: Gary Korn who wrote (3606)	8/22/1999 11:09:00 PM
From: Herschel Rubin	Read Replies (1) \| Respond to of 10027

Knight/Trimark Clarifies Role of ECN's The following is a somewhat dated press release from NITE that may give us an indication of what they will be saying about ECN's in the next few weeks when they roll out their ad campaign: _________________________________________________________ Knight/Trimark Group (ticker: NITE, exchange: Nasdaq) News Release - Monday, January 11, 1999 Knight/Trimark Clarifies The Role Of Electronic-Communications Networks --Number One Market Maker Highlights Misconceptions-- JERSEY CITY, NJ, January 11, 1999 -- In response to a number of media inquiries, Knight Securities Inc. (NITE), the largest NASDAQ Market Maker, today clarified some misconceptions regarding the recent and broadening interest in Electronic-Communications Networks (ECNs) and their overall effectiveness with regard to the execution of both limit and market orders as compared to NITE's best execution standards. "There is no question that the current dynamics of the market, fueled by growing Internet activity, has challenged the structure of the marketplace," states Kenneth Pasternak, President and CEO of Knight/Trimark Group, Inc. "Throughout these periods of heightened Internet volumes, NITE has clearly and consistently delivered execution solutions incorporating comparable technology and speed afforded by an ECN, but with added value." Pasternak's key points are as follows: Every protocol given to a limit order by an ECN is duplicated in NITE's "handling of customers" limit orders, which provides immediacy and global display in the Nasdaq NBBO. The crucial services or functions that a retail customer receives from an ECN are also provided by NITE. However, NITE provides additional opportunities for retail customer limit orders to receive superior executions that are unavailable to ECN users. This occurs because: a) NITE attracts the largest number of market orders in the industry through best execution standards, enhanced liquidity services, immediacy of execution to market orders, and advantaged economics to market share. b) Seventy (70) percent of limit orders executed by NITE result from matches with incoming market orders or other limit orders. In December 1998, NITE provided price improvement and enhanced liquidity to over 200,000 market and limit orders, for an approximate savings to customers of $14,000,000. Accompanied with this press release is a comparative chart of Knight/Trimark versus ECNs, as well as a statistic ranking of Knight Securities. Knight/Trimark Group, Inc. is the leading market maker in both NASDAQ securities and the over-the-counter market for New York Stock Exchange (NYSE)- and American Stock Exchange (AMEX)-listed equity securities -- the Third Market. Knight/Trimark is the parent company of Knight Securities and Trimark Securities. Knight Securities trades in approximately 6,100 equity securities listed on Nasdaq and on the OTC Bulletin Board (OTCBB) of the National Association of Securities Dealers (NASD). Trimark Securities trades NYSE- and AMEX-listed equity securities over the counter. Knight/Trimark Group, Inc. is Dedicated to Execution Solutions.? Annual Reports Press Releases Quarterly Reports Corporate Information Key Management Stock Quote "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Knight/Trimark Group's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.