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

To: Herschel Rubin who wrote (3633)	8/25/1999 9:40:00 PM
From: Herschel Rubin	Read Replies (1) \| Respond to of 10027

Today's MarketXT after-hours trading debut was an abysmal dud!!! Check out the "overwhelming" interest in after-hours trading: "The most actively traded stock was Microsoft Inc. (Nasdaq:MSFT - news). At the close of the session 5,500 shares had traded with the last trade up 1/4 at 95-9/16. " (from story below). If MSFT was the "most actively traded stock" with only 5,500 shares traded, there was essentially NO MARKET for other issues. I bet participants we're too busy yawning. Just proves that capital is drawn to markets offering liquidity. Here's the Reuters coverage of MarketXT: ___________________________________________________________ NEW YORK, Aug 25 (Reuters) - Trading was thin in MarketXT's first late stock-trading session on Wednesday, billed as the first step toward round-the-clock stock trading for small investors, but the firm said it was pleased with its debut. ``I'm happy to tell you launch was successsful. It's working as planned,' said Michael Sanderson, chief executive and chairman of MarketXT, formerly Eclipse. The session offers trading in the 200 most active stocks on the New York Stock Exchange and Nasdaq from 6:00 p.m. to 8:00 p.m. eastern time (2200-2400 GMT). Regular hours currently run from 9:30 a.m. to 4:00 p.m. Eastern time (1330-2000 GMT) although both the NYSE and Nasdaq plan to extend those hours. One feature of Market XT's electronic stock-trading system is its use of market makers, which it says helps narrow the difference between bid and ask prices, called the spread. Other late trading systems currently accessible by small investors match orders, which can lead to larger spreads. Sanderson said in the first 45 minutes of trade, 1200 orders were executed, with the average spread between 1/16 and 1/4. He noted that the firm's web site had logged more than 300,000 hits well before the session's close. The most actively traded stock was Microsoft Inc. (Nasdaq:MSFT - news). At the close of the session 5,500 shares had traded with the last trade up 1/4 at 95-9/16. Earlier, Genzyme General Corp. (Nasdaq:GENZ - news) had been the most actively traded stock.