WOW-DID NOT CATCH THIS PARAGRAPH THE FIRST TIME,
THIS ACTUALLY SHOWS HOW THEY ARE STEPPING UP THEIR EFFORTS TO MAKE STOCKS APPEAR AS SELL OFFS...DAYTRADERS KNOW THAT ORDERS FILLING IN BETWEEN 90 PERCENT OF THE TIME ARE SELLS,IN THIS PROGRAM NITE WILL BE ATTEMPTING TO CAUSE THE SELL OFFS OF MOVING STOCKS BY APPPEARING TO FILL ORDERS AND MAKE THEM LOOK LIKE SELLS...SO NOW IF 1 PERSON SELLS,NITE WILL MAKE IT LOOK LIKE 2 AND CREATE THE PANIC
launched a pilot program in which executions of certain Nasdaq orders
automatically occur at the midpoint between the national best bid/offer
(NBBO). Under the pilot program, incoming market and marketable limit orders
(PR NEWSWIRE) Knight Securities Launches Pilot Program to Enhance Execution C
Knight Securities Launches Pilot Program to Enhance Execution Capabilities in
OTC Market without Dealer Intervention
JERSEY CITY, N.J., May 8 /PRNewswire/ -- Knight Securities, a subsidiary
of Knight/Trimark Group, Inc. (Nasdaq: NITE), announced today that it has
launched a pilot program in which executions of certain Nasdaq orders
automatically occur at the midpoint between the national best bid/offer
(NBBO). Under the pilot program, incoming market and marketable limit orders
will execute automatically against any resting opposite-sided market and
marketable limit orders at the midpoint of the then existing NBBO. Knight
will conduct the pilot program over the next 60 days and, concurrently, will
roll out this new service to all of its clients in all Nasdaq securities
throughout this period.
"Knight's investment in technology continues to yield dividends as we now
have the programming ability to deliver this valuable service to the OTC
marketplace," said Michael T. Dorsey, Senior Vice President, General Counsel,
and Secretary of Knight/Trimark Group. "Investors will benefit from this new
service as it will provide more opportunities for price improvement plus more
immediacy on their Nasdaq orders.
"By providing better, faster and less costly executions in Nasdaq
securities, we are affirming our recent testimony before the U.S. Senate
Subcommittee on Securities that we seek to empower self-directed individual
investors by offering them the same quality of execution long enjoyed by
large, powerful institutional investors," continued Mr. Dorsey. "Our efforts
to automate further the OTC market also affirm our intent to meet Congress'
call for a national market system in which natural liquidity meets in more OTC
stock transactions without the intervention of a dealer."
Knight, headquartered in Jersey City, NJ, is the parent company of Knight
Securities, Knight Capital Markets (formerly Trimark Securities), Knight
Financial Products (formerly Arbitrade) and Knight Securities International
Ltd. Knight Securities makes markets in equity securities listed on Nasdaq
and on the OTC Bulletin Board of the National Association of Securities
Dealers (NASD). Knight Capital Markets trades NYSE- and AMEX-listed equity
securities over the counter -- the Third Market. Knight Financial Products
makes markets in options on individual equities, equity indices, fixed income
instruments and certain commodities in the U.S. and in Europe. Knight also
maintains an asset management business for institutional investors and high
net worth individuals through its Deephaven Capital Management subsidiary.
As the number one destination for online trade executions, Knight is the
processing power behind the explosive growth in securities trading via the
Internet. The firm is a part of Fortune magazine's "e-50 Stock Index," an
elite collection of companies that are shaping the new Internet-based economy.
In addition, Knight, which has been in operations for fewer than five years,
is included in the "Forbes 500" ranking of the most profitable public
companies in the U.S. Currently, Knight employs more than 900 people
worldwide with offices in Jersey City, NJ; Jericho, White Plains, Purchase and
New York, NY; Chicago, IL; Boston, MA; Minnetonka, MN; Santa Clara, CA; and
London, England.
SOURCE Knight Securities
-0- 05/08/2000
/NOTE TO EDITORS: The new trading algorithm described in this press
release works as follows: Assume that Knight has in its "buy rack" orders
representing 5,000 shares to purchase WXYX stock, and then receives an order
to sell 3,000 shares of the same WXYZ stock. If the national best bid/offer
(NBBO) for WXYZ was 10 - 10-1/4 per share at the time the sell order was
received, Knight would automatically match the 3,000-share incoming sell order
with the orders representing the first 3,000 shares of WXYZ in its "buy rack"
at 10-1/8 per share, the midpoint of the then existing NBBO. Promptly upon
the execution, Knight would report the trade to ACT as a riskless principal.
Knight believes that this trading algorithm will provide a greater number of
retail and institutional investors with more opportunities for price
improvement and more immediacy in the execution of their Nasdaq orders./
/CONTACT: Margaret Wyrwas, Vice President, Corporate Communications &
Investor Relations, 201-557-6954, mwyrwas@knight-sec.com, or Chuck Dohrenwend,
Manager, Corporate Communications, 201-356-1753,
chuck_dohrenwend@knight-sec.com, both of Knight Securities/
(NITE)
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