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

To: vestor who wrote (5332)	10/28/1999 12:50:00 PM
From: John Chapman	Read Replies (1) \| Respond to of 10027

As per the Q3 conference call transactions with MER, Morgan Stanley, Payne Webber, Smith Barney, and Goldman were about four times what they were in the past. Retail flow from full service brokers going online is expected to continue its increase. I expect that unlimited trading in full service accounts per year for a flat fee will spur more trades as the short term mentality becomes more and more prevalent. Also, short term trading is more attractive to investors at full service brokers due to their offering reduced commissions for some customers. Volatility is increasing in the general market which is causing the buy and hold em forever gang to have second thoughts. Also, in the conference call, management said that institutional trades via NITE is increasing and is very profitable. In Q3, it went to 7 to 10 percent of total volume. Also, I did not catch exactly what was said, but something to do with institutions went from 13% in Q3 1998 to 28% in Q3 of 1999.