JERSEY CITY, N.J., May 6 /PRNewswire-FirstCall/ -- Knight Capital Group,
Inc. (Nasdaq: NITE) today announced the appointments of Andrew P. Scott as
Managing Director to oversee the operations of NetDelta, a credit default swap
platform that reduces counterparty risk, and Michael S. Shapiro, Director, who
is responsible for leading NetDelta's sales effort.
Mr. Scott is an eight-year veteran of Merrill Lynch where he was the lead
attorney for credit derivative products and a senior representative for key
industry and regulatory initiatives. Prior to joining Knight, Mr. Shapiro was
responsible for sales, business strategy and product development for TradeWeb
LLC's credit derivatives trading platform, including leading a global effort
to increase post-trade business for CDS and IRS.
"Knight is very pleased to have Andrew and Michael on board at NetDelta,"
said Steven Sadoff, Executive Vice President and Chief Information Officer at
Knight Capital Group. "Both are professionals who have been involved in
building out the infrastructure of the CDS market. Their talent and experience
are an important addition to the NetDelta team as we develop the business."
NetDelta allows institutions that trade credit derivative products to
minimize and diversify their counterparty exposure while maintaining their
bilateral trading relationships. An alternative to central clearing, NetDelta
addresses the root cause of systemic risk through the introduction of standard
contracts and the use of pooled credit. Counterparty risk is minimized by
multi-laterally netting transactions and using participants' credit lines to
reallocate exposures so that their market exposure remains neutral.
"NetDelta is in prime position to help participants minimize counterparty
risk in the CDS market," Mr. Sadoff added. "Credit derivative volumes have
grown exponentially over the past few years, and with such growth comes
operational challenges. NetDelta can help its platform participants address
concerns regarding risk management, trade settlement and balance sheet usage.
Indeed, counterparty risk management has become increasingly important, and
both the industry and regulators are actively looking for ways to reduce
systemic risk in the market. We believe NetDelta has a solution that addresses
risk concerns without hindering the ability of market participants to invest
and trade CDS."
Andrew P. Scott
Andrew P. Scott, Managing Director, oversees all operations of NetDelta,
Knight's CDS platform for reducing counterparty risk.
Mr. Scott joined NetDelta in January 2009 after eight years with Merrill
Lynch, most recently as a Director and Senior Counsel in the firm's Office of
General Counsel. At Merrill Lynch, Andrew was the lead attorney for credit
derivative products and a senior representative for key industry and
regulatory initiatives. He has been actively involved in various industry
groups and was a key participant in the initial design and subsequent
development of the ISDA CDS auction methodology and protocols. Andrew also
represented Merrill Lynch on the CDX credit derivatives index board.
Previously, Andrew was an associate in fixed income derivatives at Morgan
Stanley in both New York and Tokyo where he worked in interest rate and
currency swaps, credit derivatives and CDOs. He also worked in various law
firms in the U.S., Japan and Canada.
Andrew received a juris doctor and master of business administration from
the University of Toronto, and a bachelor of arts from the University of
Western Ontario. He is a member of the New York State Bar.
Michael S. Shapiro
Michael S. Shapiro, Director, is responsible for leading sales of
NetDelta, Knight's CDS platform for reducing counterparty risk.
Mr. Shapiro was the Director of Derivative STP Sales at Tradeweb LLC from
July 2007 until joining Knight in April 2009. He led the firm's global effort
to increase Tradeweb's post-trade business for CDS and IRS and was responsible
for sales, business strategy and product development for the credit
derivatives trading platform. In this role, Michael provided internal support
for all CDS-related issues and externally worked with trading desks at major
sell-side dealers as well as with traders, portfolio managers and operations
groups at hedge funds and asset managers.
Prior to joining Tradeweb, Michael was responsible for sales of the credit
derivative trade affirmation platform of T-Zero LLC, a subsidiary of Creditex
Group Inc., now part of the IntercontinentalExchange, Inc. He joined T-Zero
from Bloomberg L.P. where he was a senior representative responsible for sales
of the Bloomberg Professional Service to hedge funds, broker-dealers and
Michael received a bachelor of business administration from the University
Knight Capital Group, Inc. (Nasdaq: NITE) is a leading financial services
firm that provides electronic and voice access to the global capital markets
across multiple asset classes for buy-side, sell-side and corporate clients.
In Global Markets, we provide market access and trade execution services in
nearly every U.S. equity security and a large number of global equities and
fixed income, foreign exchange, futures and options. Our approach to trading
combines deep liquidity with robust trading technology and capital
facilitation, when necessary, to deliver high quality trade executions
consistent with client defined measures. Our Corporate segment invests in
strategic, financial services-oriented opportunities, allocates, deploys and
monitors all capital and maintains all corporate overhead expenses. Our Asset
Management segment is reported as a discontinued operation as of March 31,
2009. More information about Knight can be found at www.knight.com.
Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are not historical facts and are
based on current expectations, estimates and projections about the Company's
industry, management's beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond our
control. Accordingly, readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict including,
without limitation, risks associated with (i) the costs, integration,
performance and operation of businesses recently acquired, or that may be
acquired in the future, by the Company, and (ii) the closing of the sale of
the assets of the Asset Management business and costs and expenses associated
with the Company's exit from the Asset Management business. Since such
statements involve risks and uncertainties, the actual results and performance
of the Company may turn out to be materially different from the results
expressed or implied by such forward-looking statements. Given these
uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or uncertainties
or to announce publicly the result of any revisions to the forward-looking
statements made herein. Readers should carefully review the risks and
uncertainties disclosed in the Company's reports with the U.S. Securities and
Exchange Commission (SEC), including, without limitation, those detailed under
the headings "Certain Factors Affecting Results of Operations" and "Risk
Factors" in the Company's Annual Report on Form 10-K for the year-ended
December 31, 2008, and in other reports or documents the Company files with,
or furnishes to, the SEC from time to time. This information should also be
read in conjunction with the Company's Consolidated Financial Statements and
the Notes thereto contained in the Company's Annual Report on Form 10-K for
the year-ended December 31, 2008, and in other reports or documents the
Company files with, or furnishes to, the SEC from time to time.
SOURCE Knight Capital Group, Inc.
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