Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gary Korn who wrote (5300)	10/27/1999 9:50:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

NEW YORK, Oct. 27 /PRNewswire/ -- The BRASS Utility, L.L.C. (BRUT), a subsidiary of SunGard Data Systems Inc. (NYSE: SDS) and a leading electronic communications network (ECN), announced today that it has signed a letter of intent to merge with Strike Technologies, LLC, a competing ECN. The merger will create the third largest ECN in terms of volume. The agreement brings together Wall Street's top trading firms into one ECN. Goldman Sachs (NYSE: GS), Knight-Trimark Group (Nasdaq: NITE), Merrill Lynch (NYSE: MER) and Morgan Stanley Dean Witter (NYSE: MWD) are all equity partners in BRUT. Bear Stearns (NYSE: BSC), Bridge Trading Company, Herzog Heine Geduld, Inc., Lehman Brothers (NYSE: LEH) and Salomon Smith Barney (NYSE: C) are a few of the current equity holders in Strike. As part of the merger, the Strike equity partners will have 50 percent ownership and the BRUT partners will have 50 percent ownership. Strike, which began operations in November 1998 and currently handles volume of approximately 22 million shares a day, has a total of 26 broker-dealer equity partners. BRUT, which began operations in May of 1998, currently handles volume of over 58 million shares per day. Both BRUT and Strike have seen their volume double in recent months. Company Quotes Robert Greifeld, group CEO, SunGard Brokerage Systems Group "Today's agreement is just another example of BRUT's leadership in the ECN sector. The Company's dramatic growth, which has seen trading volume rise from 14 million to 58 million shares per day in the past four months, will be further enhanced by the Strike merger. The deal will also provide us with additional opportunities to leverage synergies between BRUT and SunGard's other financial service and software subsidiaries." Matthew De Salvo, Managing Director, Morgan Stanley Dean Witter "This agreement brings together the Street's biggest names and makes BRUT a major force in the ECN market. We were pleased in helping to consummate the deal. We are particularly excited about BRUT's UMA system, especially with its direct access to the Nasdaq market and multi-functional trading capabilities, and look forward to working with BRUT to expand the reach of this dynamic market access system." Ken Pasternak, Chief Executive Officer, Knight/Trimark Group "We believe that a consolidation of the nine ECNs will ultimately benefit investors seeking to execute limit orders. By combining BRUT's low cost pricing and rebate model with Strike's expanded customer base and distribution, BRUT is well positioned to create positive execution results for active traders, institutions and broker/dealers."