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To: Lizzie Tudor who wrote (80189)	10/11/1999 2:56:00 PM
From: Bill Harmond	Respond to of 164684

Schwab IS a market-maker. E*Trade owns a piece of NITE.

To: Lizzie Tudor who wrote (80189)	10/11/1999 3:05:00 PM
From: Bob Kim	Read Replies (1) \| Respond to of 164684

Michelle, In addition to a stake in NITE, EGRP also owns a stake in an ECN. I think that NITE's problems have more to do with their style of market making than market making in general.

To: Lizzie Tudor who wrote (80189)	10/11/1999 3:37:00 PM
From: Jerry A. Laska	Read Replies (1) \| Respond to of 164684

Michelle, Schwab owns Mayer & Schweitzer a market maker and uses them for their daily executions but Schwab is not a market maker themselves. For afterhours trading Schwab just partnered with DLJ and Fidelity to use "REDIBook an ECN founded by stock trading firm Spear Leeds & Kellogg that recently got Schwab, Fidelity Investments and Donaldson Lufkin & Jenrette as new partners." dailynews.yahoo.com REDIBook is "Currently operated by Spear Leeds and sponsored by Charles Schwab & Co. Inc., the REDIBook ECN is being merged into a new ECN which will be renamed and jointly owned by Schwab and several other major Wall Street firms." schwab.com Jerry