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

To: gbh who wrote (5053)	10/14/1999 2:55:00 PM
From: Herschel Rubin	Read Replies (3) \| Respond to of 10027

I feel that their must have been some positions that went against them. He did state there were fewer losing trading days in Q3 than Q2 but perhaps those losing days were biggies. ' Gary (gbh), In the Q2 conference call KP was asked if there were any losing trading days... He said there was ONE losing day in the whole quarter. So, in the Q3 conf call, when he said there were LESS losing days in Q3 than in Q2, that means ZERO losing days in Q3. So, their revenue/trade must have dropped primarily due to lower OTCBB volume/volatility. Other possible causes (other than a huge trading day loss) for Q3 miss: 1. Internal expenses may have been geared towards a higher growth rate (is this a management blunder or just a symptom of an unpredictible seasonality for which next summer they'll be more cautious). 2. Also, they've spent a lot of money on infrastructure to handle way more trade volume than exists today. 3. Plus they have been building numerous strategic relationships on multiple fronts (Easdaq, Options, Merrill, and??) . Negotiations take considerable time (money) away from the business of running a business. The foregoing would be my guess as to why expenses seemed to be more of a burden in Q3 as compared to Q1 which had similar volume. BTW, if I recall correctly, the recent Fortune Article mentioned NITE has only had 8-10 losing trading days in its history since 1995. (If only I had that record...)