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To: SMALL FRY who wrote (72134)	11/18/1999 2:23:00 AM
From: SMALL FRY	Read Replies (3) \| Respond to of 120523

Talking about Options... good news to NITE holders dailynews.yahoo.com NITE - to buy option firm Arbitrade Holdings, LLC... could offer a pop in price... Thursday November 18 2:05 AM ET Knight/Trimark to Buy Arbitrade NEW YORK (Reuters) - Knight/Trimark Group Inc (NasdaqNM:NITE - news), the biggest middleman for U.S. equities trading, said Thursday it would buy Arbitrade Holdings LLC for $460 million, marking its entrance into the market for stock options. Both Knight/Trimark and Arbitrade are market makers, or middlemen for securities trading, buying shares or options when retail or institutional customers want to sell, and selling when they want to buy. Arbitrade is an options market player and asset manager with operations in the United States and Europe. Knight/Trimark said it plans to invest up to $100 million over the next two years in an attempt to transform Arbitrade into the top options market maker in the United States and abroad. Options are derivative securities that represent the right to buy an underlying asset at an agreed-upon price for a specified period of time. Knight/Trimark will issue at least 10.5 million shares to buy closely held Arbitrade. Knight/Trimark shares closed at 43-5/8, down 4-3/8, in trading Wednesday on the Nasdaq stock market. If the shares were to fall to between $23.57 and $35.175, Arbitrade's owners would receive $370 million in stock. Below that, Knight/Trimark would issue 15.8 million shares. Knight/Trimark expects the deal to add to earnings immediately after closing, and said it sees growth opportunities for Arbitrade's asset management business, which has $350 million under management. The deal is expected to close in the first quarter of 2000. Info on 50,000+ Companies! (Enter Name or Ticker)