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

To: Gary Korn who wrote (3622)	8/24/1999 11:30:00 PM
From: pgsachs	Read Replies (1) \| Respond to of 10027

FYI re: Merrill's OTC business Merrill is itself a major OTC market maker in several hundred names. If you give Merrill an order for an issue that they don't make a market in, they could fill the order on an agency basis by going to any of a number of market makers. Herzog is one major OTC dealer they may go to, although I would have said Sherwood is more likely the first call, since Merrill/Broadcort clears Sherwood's trades. This announcement has interesting implications for NITE's cost structure, but I would not read this as an indication that Merrill's OTC order flow is going to be re-directed to NITE. I think they want the EPS for owners of MER. Thank you for your high quality posts. Please continue!