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To: Tim Luke who wrote (4575)	12/11/2000 4:26:03 PM
From: Tim Luke	Read Replies (1) \| Respond to of 8686

* Knight/Trading (NITE) $19.94 - $2.5B mkt cap: Knight's European Round Table Partners Begins to Take Shape; BUY rated. FY00E = $2.01 FY01E = $2.36 FY End = Dec Last week, leading Italian online broker BIPOP announced that it was the first member of Knight Trading Group's emerging European Round Table Partners. Similar to the initial formation of Knight's U.S. Round Table Partners, it appears that founding members of the European platform will be taking equity stakes. We view this announcement by BIPOP as a significant milestone for Knight as BIPOP is the largest online broker in Italy. We expect to hear murmurs of additional members of Knight's European Round Table Partners over the next few months. We believe that at least 15 online brokers have been targeted as initial members of the consortium. While competition for providing global execution services to European online brokers runs high, we believe Knight has a leg up given its prior history, expertise, and relationships. Despite the expected near-term slowdown in the velocity of retail investable assets, we believe NITE shares are undervalued at current levels. We believe the company remains very well positioned to benefit from the global growth of the securities industry. Additionally, the company is clearly a takeover candidate as it is the last independent market maker among the top 25 Nasdaq market makers.