|JUNE 21, 2001|
|Knight Announces Management Changes, Evaluation of Cost Structure|
JERSEY CITY, N.J., June 21 /PRNewswire/ -- Knight Trading Group, Inc. (Nasdaq: NITE) announced today that Anthony M. Sanfilippo has been named Head of Global Equities; he had been co-Head of Global Equities. Mr. Sanfilippo also is Executive Vice President of Knight Trading Group and President of Knight Capital Markets.
John G. Hewitt, President of Knight Securities, L.P. and co-Head of Global Equities, and David Shpilberg, Executive Vice President, Chief Operating Officer and Chief Technology Officer of Knight Trading Group, have left the company to pursue other interests.
The company also announced that in light of changing market conditions and consistent with others in the financial industry, Knight is evaluating its cost structure and all projects that facilitate equity trading, and it is considering a reduction of approximately 6% of its domestic equities employees.
"The recent implementation of the one-cent minimum price variation requires a period of adjustment for all market participants in the short term," said Kenneth D. Pasternak, Chairman, Chief Executive Officer, and President of Knight Trading Group. "However, we believe that the scale, technology and human capital advantages that Knight already enjoys will become even more important as the industry evolves."
The matters described herein contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which could cause actual results to differ materially from historical results, performance or other expectations and from any opinions or statements expressed with respect to future periods. These factors include, but are not limited to, the Company's ability to implement its growth strategies, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, intellectual property rights, and other factors detailed in the Company's registration statement and periodic reports filed with the Securities and Exchange Commission. SOURCE Knight Trading Group, Inc.
CONTACT: Margaret Wyrwas, Senior Vice President, Corporate Communications & Investor Relations, 201-557-6954, or email@example.com, or Kara Fitzsimmons, Manager, Corporate Communications, 201-356-1523, or Kara_Fitzsimmons@knight-sec.com, or Judy Pirro, Manager, Investor and Shareholder Relations, 201-356-1548, or firstname.lastname@example.org, all of Knight Trading Group/