"We have recently made significant progress in expanding our client base by focusing on our institutional business," said Kenneth D. Pasternak, Chief Executive Officer and President of Knight Trading Group. "The institutional business will continue to represent an important growth area for Knight as we enhance our business model domestically and expand it internationally. Since Bob has spent more than 30 years developing institutional relationships, we are certain that his level of expertise and keen awareness of client needs will greatly enhance our plans to become the premier provider of order execution solutions across multiple markets and products."

"It is very exciting to be part of a growing organization that has unlimited potential to serve global institutional clients," said Stellato. "We have a highly experienced, energetic team in place domestically and in Europe that I look forward to working with to achieve our goals. These individuals are an integral part of the successful implementation of our business platform and model."

Prior to joining Knight, Stellato worked for the past 25 years at Goldman Sachs & Company, where he was Managing Director, Equity Division, Co-Head of the Nasdaq Department and Head of New York Institutional Nasdaq Sales. He was one of the industry pioneers in developing the institutional Nasdaq business and led the firm to become one of the premier Nasdaq market makers in the world. From 1970 through 1974, Stellato held various sales and management positions at other financial institutions. Stellato received his B.S. in Economics from Mt. St. Mary's College in 1965, and his M.B.A. in Finance from Long Island University in 1968.

Knight Trading Group is a liquidity center that seeks to empower investors by providing them with opportunities for price improvement, immediacy and enhanced liquidity in over-the-counter (OTC) and listed equity securities transactions. Knight is working to provide the same high level of execution solutions for investors' options orders. The Company also maintains an asset management business for institutional investors and high net worth individuals through Deephaven Capital Management.

Knight has the power to commit capital for market orders, and also maintains the largest limit order book in the OTC market. It is one of the largest destinations for stock orders placed via the Internet. Knight traded 81 billion shares in 1999, a volume behind only those posted by Nasdaq and the New York Stock Exchange (NYSE). It is a charter member of Fortune magazine's "e-50 Stock Index," an elite collection of companies shaping the new Internet-based economy. Knight also is ranked by Forbes magazine as one of the 500 most profitable public companies in the U.S. Ultimately, Knight plans to enable the global trading village to trade all types of equity securities and options at anytime, from anywhere in the world. More information about Knight can be obtained at http://www.knighttradinggroup.com or at http://www.knight-sec.com. SOURCE Knight Trading Group, Inc.

CONTACT: Margaret Wyrwas, Vice President, Corporate Communications & Investor Relations, 201-557-6954, or mwyrwas@knight-sec.com; or Chuck Dohrenwend, Manager, Corporate Communications, 201-356-1753, or chuck_dohrenwend@knight-sec.com, both of Knight Trading Group, Inc./