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February 1, 2000

Industry Watch: Knight Joins the Far East Action

By Sanford Wexler

As Nasdaq enters into an alliance with

Japan's Osaka Securities Exchange to form the Nasdaq Japan Market, a top U.S. Nasdaq market maker is joining the Far East action.

Nikko Securities announced that it has agreed to form a joint venture with Jersey City-based market maker Knight/Trimark, to provide market-making services in Japan.

According to Nikko, the new entity is scheduled to open its doors in September. The joint venture will concentrate on companies listed on Japan's stock exchanges and registered on Japan's over-the-counter market for smaller firms. The venture will also concentrate on firms planning to list on Nasdaq Japan.

Ken Pasternak, president and chief executive of Knight/Trimark, declined to comment.

Knight is consistently ranked as the largest and among the top Nasdaq market markets in the U.S. While the firm has entered other alliances to expand its franchise, a recent research report by Sanford C. Bernstein said that Knight/Trimark has not done enough to diversify its revenue and earnings stream.