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

To: Gary Korn who wrote (4962)	10/13/1999 9:12:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

CC start: KP= Pasternak RT= Rob Turner, CFO MW= Marge Wyrus, IR KP: This is 3rd best quarter ever. Revenues up 49 percent, income up 60 percent, eps up 40ish percent. Fed increased rates twice, volatility dropped significantly. Market volume shifted from retail to institutional. With less active retail (34% decline in OTC bb). Nevertheless, achieved a pretax margin of 25%, same as 3Q98. Accordian like structure allowed us to do this. More than a few MMs turned a loss this quarter, due to their high fixed costs. Several key strategic investments. E.g., mid-point pricing, auto price improvement for all SP500 stocks. While don't squeeze profit out of all trxs, give bottom line benefit to individual investor. Differentiates NITE as U.S. premier execution destination. Opp. cost is about 7 to 10MM this quarter, a small price for continued market share leadership in consolidating industry. Built brand equity thru advertising and best execution conf. in Chicago on July 29. Investing public should recognize NITE as premier destination. Investment is paying off. Instit. business grown from 13 to 28% this quarter! London office in Euro is building instit. business. 2 additional elec. revolutions: Equities options and Euro equities. Plan to announce shortly our ISE involvement. We will announce acquistion in options market before end of 4Q. Puts us way ahead of where we were in equities market in 1995. 19 percent interest in Easdaq, only pan-Euro exchange. This will allow us to capitalize on structural changes currently taking place in Euro markets. MORE...