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To: Bob Kim who wrote (4891)10/11/1999 6:43:00 PM
From: gbh  Respond to of 10027
 
It is highly likely that NITE threw as many expenses as allowable into this quarter since it was going to be bad anyway.

Bob, I agree with this. Hopefully the earnings CC will shed some light on this issue.

Gary



To: Bob Kim who wrote (4891)10/11/1999 7:28:00 PM
From: Gary Korn  Read Replies (1) | Respond to of 10027
 
Did mid-point pricing cost $10 mil in revenues or earnings?

Bob,

Good point. The $10MM reduction was in revenues, not earnings, so I'm missing some of the reason for the shortfall.

(Bloomberg) Knight's revenues were reduced by about $10 million in the third quarter because it introduced a new method of executing opening trades in Nasdaq stocks at the midpoint of prevailing bid and ask prices, Pasternak said

Gary Korn


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