|MARCH 2, 2001|
|Knight Announces Formation of Knight Roundtable Europe Limited|
|First Round of Closings Establishes Pan-European Market Making Venture With 19 Partners Representing Broker-Dealers and Banks From Europe and the United States
JERSEY CITY, N.J., March 2 /PRNewswire/ -- Knight Trading Group, Inc. (Nasdaq: NITE) today announced that it has finalized the first closing of investors for its Knight Roundtable Europe venture between Knight and 19 broker-dealers and banks in Europe and the U.S.
"In Europe and around the globe, technology, deregulation and a population with an increased interest in investing are driving growth in the world's equities markets," stated Kenneth D. Pasternak, Chairman, CEO and President of Knight Trading Group. "We believe the next stage in the evolution of pan-European trading will be driven by those who can offer liquidity with immediacy, reduced transaction costs and the ability to trade across borders using a single trading platform. Knight's vision is to harness the liberating power and efficiency of technology to offer these benefits to European investors in pan-European and U.S. equities."
"The launch of Knight Roundtable Europe marks a significant step in Knight's evolution towards establishing a global footprint. Together with our joint venture in Japan, the formation of the European Roundtable furthers Knight's vision to offer investors the opportunity to trade anytime, anywhere with 24/7 access," continued Mr. Pasternak. "We're excited that Knight Roundtable Europe will be a key player in the profound changes that are currently transpiring in the European equities markets. It is our hope that the value Knight brings to Europe will facilitate more active equities market participation on the part of Europe's emerging community of self-directed investors."
Investors in the initial closing of the venture, which consist of a diverse group of leading pan-European and U.S. securities firms, banks and broker-dealers, have contributed a total of $27.6 million to Knight Roundtable Europe. This amount has been matched by Knight in addition to Knight's contribution of Knight Securities International Ltd. to Knight Roundtable Europe. Following this closing, Knight's ownership in Knight Roundtable Europe stands at approximately 85%. Additional closings are anticipated and, upon completion, Knight's partners could collectively own up to 30% of the venture.
"We are proud of the depth and breadth of Knight Roundtable Europe. Our business plan is to provide all investors with the best execution at the lowest cost," stated John Hewitt, Chairman of Knight Roundtable Europe. "The European Roundtable offers a powerful coupling of leading European and U.S. securities firms with Knight's trading methodologies and technologies. We're also pleased that certain members from our U.S. Roundtable have joined us in Europe."
"Our clients demand fast execution, low transaction costs and, increasingly, liquidity in often illiquid equities," stated Mr. Foti, CEO of Fineco, Italy's largest online broker. "As a Knight Roundtable Europe partner, Fineco will not only be able to fulfill our clients demands but exceed them."
"Offering HypoVereinsbank's clients the best execution at competitive conditions was the guiding principle in our joining forces with Knight Trading Group in Europe," commented Christopher Schutz, Managing Director and Head of Brokerage & Clearing Services of HypoVereinsbank AG. "Knight's best price proposal will serve as a further building block in our strategy to provide added value order execution services for institutional and retail investors."
"Our target is the self directed private investor with a high volume of trading transactions," said Dr. Massimo Segre, President, Directa. "Knight is exactly the partner we need to strengthen and to expand our leading market position, because Knight provides superior price execution, access to multiple markets and reduced transactions costs."
Knight Trading Group is the leading market maker in equity securities listed on Nasdaq, the OTCBB of the National Association of Securities Dealers (NASD), and the over-the-counter market for New York Stock Exchange (NYSE) and American Stock Exchange (AMEX)-listed securities. Knight also is a leading market maker in listed options on individual equities and equity indices and fixed income futures instruments in the U.S. and Europe. The firm also maintains an asset management business for institutional investors and high net worth individuals through its Deephaven Capital Management subsidiary. Knight Roundtable Europe is headquartered on the former trading floor of the London Stock Exchange building.
List of Knight Roundtable Europe Limited Investors
Roundtable Partner Country of Origin Banca Popolare di Bergamo - Credito Varesino Italy Banco de Investimento Global (bigonline.pt) Portugal The Bank of New York USA BSI Online Switzerland Directa Italy Direktanlage.at Austria E*TRADE UK Erste Bank Austria FIN-ECO Italy HypoVereinsbank Germany Instinet UK Lehman Brothers UK Merrill Lynch UK Sal. Oppenheim jr. & Cie. Germany Scottrade USA SEB Sweden SKWB Schoellerbank AG Austria StockAcademy UK Viel & Cie France
SOURCE Knight Trading Group, Inc.
CONTACT: Margaret Wyrwas, Senior Vice President, Corporate Communications & Investor Relations, 201-557-6954, email@example.com, or Judy Pirro Manager, Investor and Shareholder Relations, 201-356-1548, firstname.lastname@example.org, both of Knight, Europe - +44-20-7997-7474, or +44-20-7997-7373/