Mr. Joyce, 47, comes to Knight from Sanford C. Bernstein & Co. where he was Global Head of Trading. Previously, he spent more than 14 years at Merrill Lynch & Co. where his positions included Head of Global Equity eCommerce, Head of U.S. Equities, Head of European Equities and Head of U.S. Block Trading.

"I am excited about my appointment to lead Knight forward, and proud to take charge of a company with such a successful history," Mr. Joyce said. "I want to tap into this history, particularly the innovation, speed and agility with which Knight built the world's largest wholesale market-making engine. We must stay ahead of our competitors, reestablish that sense of urgency, and remain nimble. To do this, Knight must be the right size in order to take advantage of the many opportunities in the marketplace. Knight is still adjusting its infrastructure and we have room to create better efficiencies."

Charles V. Doherty, non-executive Chairman of the Board, said, "We are pleased to have a professional of Tom Joyce's caliber and reputation leading our company into the future. Tom is a well-respected and recognized leader in the equity trading industry. He has a proven track record of running profitable, successful businesses and a wealth of experience and contacts in global equities, market making, market structure reform, trading technology and client service."

The appointment of Mr. Joyce as CEO and President, effective immediately, is the culmination of a search launched by the Board of Directors in December 2001 to replace founding CEO Kenneth D. Pasternak, whose retirement was effective January 31, 2002. Anthony M. Sanfilippo, who has served as Knight's Interim CEO since February 1, 2002, will continue as an Executive Vice President.

Mr. Joyce said, "Like all market makers, Knight is still adjusting to the one-cent Minimum Price Variation. Meanwhile, the market environment is challenging and may remain so for a significant time. These factors have hurt Knight, but the Company's business model, based on an unparalleled trading platform, is intact. I came to Knight because I believe in this model and I see considerable opportunities. To help support this model, we will solidify our client relationships with order flow centers and leverage our institutional sales capabilities. Where Knight is a market leader, we will strengthen our position. Where Knight has the potential to be a market leader in a business that fits our model, we will pursue that business. I look forward to working closely with Tony Sanfilippo and the rest of the management team as we reposition the company for long-term success as the value-added provider of innovative trade execution solutions for institutions and broker-dealers."

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 institutions 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 1,180 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). More information about Knight can be obtained at http://www.knighttradinggroup.com.

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. 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. 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; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.

    [Biography follows]

                               Thomas M. Joyce
                    Chief Executive Officer and President
                          Knight Trading Group, Inc.

Tom joined Knight Trading Group in May 2002 from Sanford C. Bernstein & Co. Prior to his appointment as Sanford Bernstein's Global Head of Trading at the close of 2001, Tom spent more than a decade managing several major equity businesses for Merrill Lynch & Co.

Tom's most recent position at Merrill Lynch was Head of Global Equity eCommerce with responsibility for creating the equity trading component of Merrill Lynch's portal for institutional clients, MLX. He also co-developed the concept and helped drive the launch of TheMarkets.com, an industry co-mingled portal for the institutional equity investor, with his peers at Goldman Sachs, Morgan Stanley and Salomon Smith Barney. In addition to his work on portal technology, Tom was responsible for Merrill Lynch's Market Structure Group, which directed the firm's market structure efforts and initiatives with the Securities & Exchange Commission, New York Stock Exchange and National Association of Securities Dealers. Tom also was involved in many of Merrill Lynch's equity business-related investments -- most notably, Merrill Lynch's acquisition of market maker Herzog Heine Geduld in 2000.

As Head of U.S. Equities for Merrill Lynch from 1996 to 1999, Tom oversaw all aspects of the firm's domestic equities business. During his tenure, revenues doubled and the business achieved record results each year. In September 1993, Tom inherited a niche cross-border trading business as Head of European Equities for Merrill Lynch. By 1996, the operation had expanded and acquired Smith New Court.

Tom started at Merrill Lynch as a block trader, namely in retail and technology stocks. He was promoted to Head of U.S. Block Trading in 1992 and was successful in increasing the firm's market share while improving client focus. Tom began his career in 1977 as a retail stockbroker, went on to manage a hedge fund, and later was a fixed income syndicate trader before joining Merrill Lynch in 1987.

Tom has been a member of the Archipelago Board of Directors, of the Partner's Committee of Primex Trading, and of the Security Industry Association's Market Structure Committee. He served as Chairman of Nasdaq's Quality of Markets Committee in 1999 and 2000, and he is a former member of NYSE's Market Performance Committee and of the Merrill Lynch Europe Executive Committee. In 1977, Tom received his degree in economics from Harvard College, where he also is a member of the Athletic Hall of Fame.

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, or Judy Pirro, Manager, Investor and Shareholder Relations, +1-201-356-1548, judy_pirro@knight-sec.com, all of Knight Trading Group, Inc. URL: http://www.knighttradinggroup.com