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

To: Gary Korn who wrote (4967)	10/13/1999 10:00:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

CC cont: Q: Have you seen a fundamental change in other MMs? Are they defending space? A: OTC BB was an elasticity to upside that you saw. Now, coming back to normal behavior in BB. While large part of our volume, not proportionately as large a part of our profits and revenues. As for other MMs, lots of new issues. Typical behavior: 1st year or so, if in syndicate business, you make a market in the stock. 3 to 5 players in each new issue. These firms stay with the stock for a year, 5 to 7 stocks a week. As for established stocks, things are fine. So, we'll pick up more share of the new stocks in a year. Q: Tax rate? A: We were at 41 level. Use 38 1/2 going forward. Q: Progress in ISE? International? A: ISE is supposed to be up in March (I was wrong before). No explosion first 10 days, but it will have significant order flow. Have already bought maximum seats available. Relating to international, unlikely to see revenue in 2000 that is extensive. Right now, working with Easdaq to create a rule book appropr. for trx. based exchange, and building technology. New system up in April. Never seen an exch. meet time target in my life. So, cautious. Team on ground developing our business plan before end of year, and up and running by mid-2000. Probably 50 to 100 employees. Look like NITE in July 1995, when we did 8,000 to 15,000 trades a day. Revenue capture in Euro is a multiple of revenue capture here. Will work around England hub with French/German physical component. In Asia, looking at some joint ventures, but very preliminary. Have been approached with some favorable terms.