|SEPTEMBER 10, 2001|
|Knight Trading Group Announces Management Promotions To Lead Its Nasdaq/OTC and Options Market-Making Units|
|JERSEY CITY, N.J., Sep 10, 2001 /PRNewswire/ --
Scott M. Littman Promoted to President of Knight Securities, L.P., Knight Trading Group's Nasdaq and OTC Market-Making Subsidiary Steven Z. Hajas Promoted to President of Knight Financial Products LLC, The Options Market-Making Subsidiary of Knight Trading GroupKnight Trading Group, Inc. (Nasdaq: NITE) today announced management promotions to help lead the Company through current market conditions and develop it for the future.
Scott M. Littman has been appointed President of Knight Securities, L.P., the Nasdaq and over-the-counter (OTC) securities market-making subsidiary of Knight Trading Group. He has been co-Head of Nasdaq Market Making for Knight Securities with responsibility for Knight's trading floor operations and information technology initiatives. Scott has been involved in all aspects of managing the Knight Securities trading team -- 250 traders executing transactions in more than 11,000 Nasdaq and OTCBB/Pink Sheet securities -- including a training program for new employees on the floor as well as continuing education for all trading personnel. He replaces John G. Hewitt, who left the company earlier this year to pursue other opportunities.
Steven Z. Hajas has been appointed President of Knight Financial Products LLC, the options market-making subsidiary of Knight Trading Group. Most recently, he was Senior Vice President and Head of Trading at Knight Financial Products. Mr. Hajas has been a leader in Knight's equity options trading and risk management since becoming part of the Company through its acquisition of Arbitrade Holdings LLC in January 2000. He replaces Peter S. Hajas, who was promoted to President and Chief Operating Officer of Knight Trading Group in July.
"The Company is in a position where it has to be lean, to reflect the current difficult marketplace, but strong, to prepare for an improved market environment," said Knight Trading Group President and COO Peter S. Hajas. "These new appointees, all drawn from within Knight's deep management team, will focus on three important goals. First, they will help the Company find opportunities for increased revenues. Second, they will help Knight improve its resource management, reducing expenses while carefully investing in important opportunities. Third, they will improve operating management, better marrying Knight's excellent technology with its deep human capital."
"We are adjusting the Company's management structure to respond to developments both inside Knight Trading Group and outside, in the new market environment," said Kenneth D. Pasternak, Chairman and Chief Executive Officer of Knight Trading Group. "While we work as one under the Knight Trading Group umbrella, employees across the company and around the globe have singular challenges. Knight is managing it equities business through the current retreat of individual investors and an evolving regulatory and market structure environment -- especially the one-cent Minimum Price Variation. Meanwhile, our options business is facing industry consolidation and new trading platforms. We are confident in Scott's ability to lead Knight Securities and Steven's ability to lead Knight Financial Products through these challenges."
Knight is the liquidity center that offers superior execution services to its broker-dealer and institutional clients in over-the-counter (OTC) and listed equity securities, and in equity options. In so doing, Knight helps its clients meet their fiduciary obligation of obtaining best execution for the securities orders that they route on behalf of their customers. Knight also maintains an asset management business for institutional investors and high net worth individuals through Deephaven Capital Management LLC.
Knight has the power to commit capital for market orders and also maintains one of the largest limit order books in the OTC market. The Company has approximately 1,400 employees worldwide and is one of the largest destinations for stock orders placed via the Internet. Knight traded 112 billion shares in the year 2000, a volume behind only those posted by Nasdaq and the New York Stock Exchange (NYSE). Ultimately, Knight plans to enable its clients to trade all types of equity securities and options at any time, from anywhere in the world. More information about Knight can be obtained at http://www.knighttradinggroup.com.
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.
In his more than 17 years in the securities industry, Scott has been involved in all phases of trading, risk management, compliance and strategic planning. He began his career at Shearson/American Express in 1984 as an assistant trader on the OTC desk, and by 1987 he was promoted to Vice President of Trading. At Shearson, Scott specialized in biotechnology and healthcare stocks, and he helped to create the firm's 19C3 trading desk, a highly successful venture involving the trading of closed-end bond funds and country funds. Scott was promoted in 1991 to Senior Vice President of Trading in Worldwide Equities at Lehman Brothers, formerly Shearson. In 1993, Scott left Lehman for Cantor Fitzgerald, L.P., where he was a Partner and Senior Trader specializing in technology and telecommunications stocks.
Scott's tenure at Knight has allowed him to expand his leadership role in the financial community. He is serving a three-year term on the Nasdaq Quality of Markets Committee, which advises the Nasdaq Board on fairness, integrity and efficiency issues relating to information, order handling and execution mechanisms of the Nasdaq Stock Market. Also outside of his duties at Knight, Scott devotes time to community activities and charitable works.
Scott received a Finance and Economics degree from the State University of New York College at Brockport in 1984.
Steven Z. Hajas
Steve has led equity options trading and risk management at Knight Financial Products since becoming part of Knight through the January 2001 acquisition of Arbitrade Holdings LLC, a proprietary trading partnership and hedge fund based in Minneapolis. Steve joined Arbitrade in 1996, just after the company was founded. He traded index options until 1998, when he began trading equity options. With the help of Steve's leadership, Arbitrade's Equity division grew from two employees to more than 100 trading personnel now at Knight Financial Products. He was Senior Vice President in charge of U.S. domestic equities derivatives at Knight Financial Productions until his promotion to President of the subsidiary in September 2001.
Throughout his years at Arbitrade and Knight Financial Products, Steve has been involved in the development and implementation of new technology for derivatives trading, pricing and risk management, and he has worked closely with Arbitrade's and Knight's marketing teams on equity and other derivatives products.
Steve began his career in 1987 at Kessler Asher Clearing L.P. working with Irvin Kessler, now CEO of Deephaven Asset Management and an Arbitrade founder. Steve started there as an intern and quickly moved into trading treasury yield options. From 1989 to 1996, he was the Designated Primary Market Maker in treasury yield options on the floor of the Chicago Board Options Exchange. While at the CBOE, Steve served on the exchange's New Product Development Committee.
Steve has been a member of the CBOE, Deutsche Terminboerse and the International Stock Exchange, and he is currently a member of the Options Committee of the Philadelphia Exchange.
Steve graduated from Cornell University in 1988 with a Bachelor of Science degree in agricultural economics and management.
SOURCE Knight Trading Group, Inc.
CONTACT: Margaret Wyrwas, Senior Vice President, Corporate Communications & Investor Relations, +1-201-557-6954, firstname.lastname@example.org, or Kara Fitzsimmons, Manager, Corporate Communications, +1-201-356-1523, email@example.com, or Judy Pirro, Manager, Investor and Shareholder Relations, +1-201-356-1548, firstname.lastname@example.org, all of Knight Trading