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

To: Gary Korn who wrote (4973)	10/13/1999 10:22:00 AM
From: gbh	Read Replies (1) \| Respond to of 10027

Gary, thanks for the CC play by play.

To: Gary Korn who wrote (4973)	10/13/1999 10:36:00 AM
From: JakeStraw	Respond to of 10027

Thank Gary for the play-by-play.

To: Gary Korn who wrote (4973)	10/13/1999 10:43:00 AM
From: Herschel Rubin	Read Replies (1) \| Respond to of 10027

Conference call impressions... Just finished listening to CC. KP did an excellent job. General impression: 1. No negative surprises. 2. Confidence going forward. 3. Clarified many points of confusion. Some Key Points (he specifically took time out to discuss points 1 & 2 to clear up what's been cited in the press about negative impact of ECN's and after-hours trading): 1. Again addressed issue of ECN's as no threat (as he did in the Q2 call, but more eloquently this time). 2. Will participate in After-hours trading when it reaches sufficient volume. Not significant yet. "Potential to add significant volume." 3. When traditional houses such as Merrill, Paine Webber, Smith Barney, Morgan Stanley DO go on-line, NITE expects to receive biz from them (they already do). Pasternak expects total volume for the traditional brokerage to increase fourfold when those clients begin to have access to on-line trading - he cited the Waterhouse example when they rolled out their on-line trading (trade volume increased 4 times!). NITE expects to capture a fair share of this forthcoming business. [This should be big!] Overall, KP wasn't defensive or apologetic. There was no discussion of last July's insider lockup expiration and related selling. Said they were able to maintain 25% profit margins in spite of low volume/volatility in Q3 when "any other market maker would have shown a loss."