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To: Gary Korn who wrote (3915)	9/13/1999 4:40:00 PM
From: gbh	Respond to of 10027

Gary, I never stated ECNs gained at NITE's expense. But ECN volume was steady to higher, and NITE, and the overall Nasdaq volume dropped. So it seems intuitive, that ECNs gained share. Whether that was at NITEs expense, I don't know, but it seems that way. From nasdaqtrader.com: ISLD ---- August - 985,991,659 July - 986,883,865 YTD - 7,285,976,471 INCA ---- August - 647,395,784 July - 577,376,843 YTD - 4,489,945,634 ARCA ---- August - 191,829,440 July - 190,507,729 YTD - 763,467,935 Gary

To: Gary Korn who wrote (3915)	9/13/1999 5:13:00 PM
From: gbh	Respond to of 10027

Gary, on another note ISLD will now offer trading until 8pm. Its my feeling that after hours trading won't ever amount to much until either: 1) MMs get involved. I'd love to see NITE take the lead here. 2) The ECNs somehow get linked to add liquidity. Even this won't provide the same level as having MMs involved, but it might kick start. bloomberg.com gary