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Merrill Hooks Big Fish As Knight Inks Deal

Traders Magazine, August 1999

John A. Byrne

Knight/Trimark Group of Jersey City, a Nasdaq wholesaler and third market dealer, is pulling the plug on PaineWebber Group, as Knight seeks to bolster its access to more digital technology as well as its capabilities on the international markets.

One of the largest customers coveted by firms that clear and settle trades for other broker dealers, Knight is transferring the processing of its trades from PaineWebber to Merrill Lynch & Co. The conversion is expected to be completed by mid-October, executives at both firm announced. Paine Webber is based in New York though it runs a correspondent clearing operation out of Jersey City.

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