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

To: Curbstone who wrote (201)	2/10/1999 10:37:00 PM
From: scanshift	Read Replies (2) \| Respond to of 10027

Mike, for an active trader like yourself, with all due respect, you asked a question you know the answer to. It was ECN's that tightened the spread! Do you know what an inside bid or inside ask is? On volatile NASDAQ stocks, those inside bids and asks are mainly on ECN's. If it was not for ECN's, the spreads would still be wide like they were in the pre-ECN days. Nite is a market maker. They want as wide a spread as they can get, since they pay for order flow from firms like ETrade. If there are bids and offers inside of Nite's bid and offer, than they miss out on trade opportunities. Without a doubt, Nite will lose market share to ECN's, as will other market makers.