Mr. Sanfilippo, 45, is Interim CEO of Knight Trading Group during the search for a permanent CEO to replace Kenneth D. Pasternak, 47, whose retirement as Chairman and CEO is effective January 31, 2001. Charles V. Doherty, 68, non-executive Chairman of Knight's Board upon Mr. Pasternak's retirement, is overseeing the search for a new Knight CEO with the assistance of leading executive search firm Heidrick & Struggles International, Inc.

"During his five-year tenure with Knight, Tony has proven his ability to balance multiple roles. We are confident that his depth of knowledge and management experience will ensure that the Company maintains its course during the transition to a new CEO," Mr. Doherty said. "The Board thanks Peter for his commitment to Knight over the last two years, and we wish him well in future endeavors."

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 1,300 employees worldwide and is one of the largest destinations for stock orders placed via the Internet. Knight traded 135 billion shares in the year 2001, 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.

SOURCE Knight Trading Group, Inc.

CONTACT: Margaret Wyrwas, Senior Vice President, Corporate Communications & Investor Relations, +1-201-557-6954, mwyrwas@knight-sec.com, Kara Fitzsimmons, Manager, Corporate Communications, +1-201-356-1523, kara_fitzsimmons@knight-sec.com, Judy Pirro, Manager, Investor and Shareholder Relations, +1-201-356-1548, judy_pirro@knight-sec.com, all of Knight Trading Group, Inc.