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To: Gary Korn who wrote (5200)10/18/1999 8:08:00 AM
From: gbh  Read Replies (1) | Respond to of 10027
 
Note that Discover Brokerage is an existing NITE client:

Gary, this surprises me. Are you sure? Does NITE just get flow from Discover in which Morgan Stanley (MSCO) doesn't make markets? This would be a negative if NITE is the primary market maker for Discover, and they lose this flow, even though it is a small percentage of total (given Discover's current market share position).

In any event, I'd expect Discover to loose quite a few of there existing clients with this move. I guess if they are loosing share, this doesn't matter much anyway.

Gary