|The 13th Annual Elkins/McSherry Global Transaction Cost Analysis conducted for Institutional Investor magazine also ranked Knight Direct among top three brokerages for NASDAQ stocks vs. Arrival Price and among the top 10 for NYSE stocks vs. VWAP and Arrival Price
JERSEY CITY, N.J., Nov. 19 /PRNewswire-FirstCall/ -- Knight Capital Group, Inc. (Nasdaq: NITE) today announced that Knight Direct's agency algorithmic offering was recognized in the 13th Annual Global Transaction Cost Analysis conducted for Institutional Investor by research firm Elkins/McSherry, a subsidiary of State Street Corp.
Knight Direct's EdgeTrade algorithms placed #1 among brokerages for NASDAQ trading benchmarked against Volume Weighted Average Price (VWAP) for the third consecutive year with a differential of 17.39 basis points. Knight Direct also ranked #3 in NASDAQ trading benchmarked against Arrival Price. In NYSE trading, Knight Direct ranked #3 and #7 among brokerages benchmarked against VWAP and Arrival Price, respectively.
Elkins/McSherry analyzed transaction costs over 12 months ending June 30, 2009. Elkins/McSherry compiles trade data from more than 300 large institutions. The data covers more than 20 million trades, $5 trillion worth of principal and 400 billion shares traded, representing 1,500 investment managers and 2,000 brokers worldwide. The results of the 13th Annual Global Transaction Cost Analysis are published in the November issue of Institutional Investor magazine.
"Knight is proud to be among the top algorithmic providers in NASDAQ and NYSE stocks for the third consecutive year," said Joseph Wald, Managing Director, Knight Direct. "While high volatility and increased liquidity fragmentation contributed to higher trading costs during the survey period, Knight's clients utilized our leading algorithms to improve their executions against benchmarks over those difficult 12 months. As a result of the great execution quality clients can achieve with Knight's algorithms, we are experiencing record share volume to date. The technology behind FAN combined with our industry-leading market share and deep liquidity -- all unique to Knight -- allow us to meet our clients' demands for high fulfillment, speed of execution and managing overall transaction costs. Knight continues to enhance and add to our algorithmic offering to help our clients achieve better executions in the face of challenges and opportunities inherent across all market environments."
Knight Direct's EdgeTrade strategies empower clients to maintain market anonymity and reduce overall transaction costs, while achieving their trading objectives. Our agency smart order execution strategies leverage real-time and historical data to help clients execute orders by seeking out available liquidity among fragmented displayed and non-displayed markets. These solutions include FAN, Oasis, Covert and Sumo. Knight Direct also offers VWAP and participation algorithms. Clients can access these algorithms through Knight Direct EMS(TM), a broker-neutral electronic trading platform covering multiple asset classes, or via major OMS and trading system providers. The EdgeTrade algorithmic suite is offered through Knight Direct LLC, and Knight Equity Markets, L.P., members FINRA & SIPC and subsidiaries of Knight Capital Group. The Knight Direct EMS(TM) is offered through Knight Direct LLC.
For more information about Knight Direct's EdgeTrade algorithms, please visit http://www.knight.com/ourOfferings/edgeTrade.asp.
Knight Capital Group, Inc. (Nasdaq: NITE) is a global capital markets firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms. Knight's hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange, futures and options. The firm is consistently ranked as the leading source of off-exchange liquidity in U.S. equities. Knight also provides capital markets services to corporate issuers. Knight is headquartered in Jersey City, NJ with a growing global presence across North America, Europe and the Asia-Pacific region. For more information, please go to 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 the costs, integration, performance and operation of businesses recently acquired, or that may be acquired in the future, by the Company and risks related to the 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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