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To: Bob Kim who wrote (7009)	1/26/2000 1:52:00 PM
From: Sir Francis Drake	Respond to of 10027

Bob - touche! <eom>

To: Bob Kim who wrote (7009)	1/26/2000 2:17:00 PM
From: GS_Wall Street	Respond to of 10027

I really don't think the analyst community and the investment community under how ECN and MM interact. ECN charge a fee to transact on behalf of the customer. A broker charges a fee to handle the transaction for the customer. If the broker routes the trade to an ECN, the broker incures a fee(cost) that reduces profitability. If the broker routes the trade to a MM it costs them nothing, and they also get a rebate. So where is the competition, MM (pay nothing) or ECN and pay a fee. hmmm??