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Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

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March 1, 1999

Knight/Trimark Completes Secondary Stock Offering

By Staff reports

Knight/Trimark Group, the Nasdaq wholesaler and third-market trading firm, completed a secondary offering on February 25, placing nine million shares at $35 a share.

Last July, Jersey-City-based Knight/Trimark went public on Nasdaq. While the share price traded at modest levels for several months, it has scaled exceptional highs in recent months.

More than six million shares were sold in the secondary offering by senior management and other shareholders. Kenneth Pasternak, president and chief executive, and Walter Raquet, executive vice president, each sold 450,000 shares.

Knight/Trimark's success as a Nasdaq wholesaler is due, in part, to its affiliation with a consortium of online and other broker dealers that have routed stock orders from its customers.

In the secondary offering, one of Knight/ Trimark's top providers of order flow, E*Trade Securities, sold 750,000 shares. The Palo Alto, Ca.-based brokerage is one of the original investors in Knight/Trimark.

Others that sold shares in the secondary offering: Discover Brokerage Direct, 900,000 shares; Waterhouse Investor Services, 900,000; BHF Securities, 75,000; Bidwell & Company, 50,000; Brown & Company Securities Investments, 394,887; Dain Rauscher Wessels, 460,192 shares; David A. Noyes & Company, 58,111; Howe Barnes Investments, 75,000; J.W. Charles Financial Services, 225,000; NL Holding Corporation, 125,970; Primevest Financial Services, 62,000; The R.J. Forbes Group, 288,948; Thomas F. White & Co., 46,000; Sanders Morris Mundy, 134,566; Van Kasper & Co., 50,000; and WBM, 83,500.