Knight's Electronic Platform Goes To London In June

Knight Trimark Group, the largest market maker in NASDAQ and in NYSE and Amex listed market -- The Third Market, recently launched a web-based trading and order management system, dubbed eKnight. And while it's been live in the US since mid-February, Knight plans to roll it to it's new London office, Knight Securities International, Ltd. by the end June.

In addition, look for a version aimed squarely at large institutions very soon. That platform will include additional functionality, like routing, electronic allocations confirmations and indications of interest. "It's an evolving product," says Simon Spenser, chief strategic and technology officer for Knight Trimark, "we are constantly adding new features and will continue to do so."

eKnight is a browser based system which offers full order entry and order management capability. "We wanted a platform to support our customers business in a flexible and scaleable manner," says Spenser. In fact, eKnight is a virtual window into the Knight Securities trading system, with additional functionality built on top.

The new platform comes in three different versions; windows-based, HTML, and a Java version developed in conjunction with Random Walk Computing. The Java version, , will allow Knight to flood its users with even more real-time information in the future

No, Spenser is quick to point out, eKnight is not an ATS or ECN, and has no intentions to become one. eKnight offers three basic features; order entry and order management, order query, and phone acceptance.

"We want to inform our customer of everything we're doing, want them to see everything we see because we believe in full disclosure ," says Spenser of the query feature. eKnight also offers a telephone acceptance feature, for dealers who don't want or need the OMS component, or for block orders. This feature allows the dealer to phone in an order to Knight, then go to phone acceptance screen, which allows the dealer to pro-actively review and accept the related trade executions, real-time, without having to pick-up the telephone thus allowing broker-dealers to streamline their business.

But "In this space we expect to rewrite the system and deploy new technology every nine months," says Spenser. In fact, things are already changing. Knight/Trimark recently added a bunch of new features, including basket management, which allows list processing, enabling the customer to load lists of orders. Also new: the ability to enter, route and even execute trades via Knight Securities, DOT and PER . Knight/Trimark also expects to have routing to most ECNs by the third quarter of this year.

Although eKnight offers a dedicated support staff covering levels one, two and three support, there has been little need for support thus far, according to Spenser. Spenser attributes this to the product's intuitive interface. eKnight is browser based, easy to deploy and distribute. eKnight is available to Knight Trimark broker-dealer and institutional customers via web browser or over the Internet at www.eknight.com

--Tara Pietz