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To: Gary Korn who wrote (3945)	9/14/1999 10:40:00 PM
From: Madharry	Respond to of 10027

I don't get it entirely. How much volume is their going to be in these situations without a market maker. Isn't nite going to be involved in these extended trading situations as a market maker anyway?

To: Gary Korn who wrote (3945)	9/14/1999 11:39:00 PM
From: blankmind	Read Replies (2) \| Respond to of 10027

based on the heavy selling today by mlco (aren't they the ones who recommended nite to you?), might we begin to assume nite will issue a formal earnings warning (maybe they had an 11th day of trading with a loss) or some downgrades will be forthcoming? i prefer the idea of a sympathy fall, but it was sudden, swift, and clearly those selling wanted out, and quickly as if the news was close.

To: Gary Korn who wrote (3945)	9/15/1999 7:52:00 AM
From: gbh	Read Replies (1) \| Respond to of 10027

When will NITE announce pre- and post-market trading? Gary, I would guess NITE, and MMs in general, will dovetail the Nasdaq and NYSE exchanges into the after hours foray. And these guys are slow moving into this area most likely due to the fact that they won't be able to profit by fully staffing operations that don't generate the substantial volumes. Yet when they jump in and validate the whole thing, the expectation will be full liquidity. Well, no single MM can provide full liquidity and still manage risk. It requires all of them, or at least most. Its seems obvious that the fully electronic marketplace of the ECN is at an advantage here from a "cost of doing business" perspective. And with no expectation of "real" liquidity, these guys can afford to be out front. It probably won't be until the volumes are such, and liquidity expectations are such, that you will see the exchanges, and hence the MMs move into this area. In the mean time, the ECNs will grab the press, and the imagination of the public. Gary