Callen to Oversee All Cash Equity Trading, Encompassing Knight's Nasdaq/OTC and Listed Business for Broker-Dealers and Institutions

Mr. Callen, 41, spent the last 15 years of his career with Merrill Lynch & Co., most recently as a Managing Director and Nasdaq Trading Manager. As a member of the management team responsible for Merrill Lynch's Nasdaq product, Mr. Callen was involved with institutional trading, the training and development of trading personnel, and risk management. He also worked closely with Merrill Lynch's Fundamental Research and Investment Banking units and was a member of the firm's Technology Steering Committee.

Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group, said, "Glenn has an excellent track record managing equity trading for a top Wall Street firm, as well as experience with technology, trader development, compliance and risk management. As a trading manager who has assisted clients on a daily basis, he is intimately familiar with the challenges and demands of institutional traders and portfolio managers. I look forward to working with Glenn as we continue to expand our institutional business and enhance quality execution solutions for our broker-dealer and institutional clients."

"I am delighted to again team up with Tom Joyce, this time to leverage Knight's trading technology and systems to meet today's market challenges," said Mr. Callen, who worked with Mr. Joyce at Merrill Lynch. "I look forward to putting my experience to work under Tom's leadership, which I know is fair, straightforward and innovative. Knight's trading platform has tremendous untapped potential in this new market structure, and I am excited to join the company at this time of opportunity and change."

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 1,110 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.

                               Glenn T. Callen
             Senior Vice President & Head of Cash Equity Trading
                          Knight Trading Group, Inc.

Glenn joined Knight in July 2002 after more than 15 years with Merrill Lynch & Co. As Nasdaq Trading Manager since 1994 and, most recently, Managing Director, Glenn was a key member of the management team responsible for Merrill Lynch's Nasdaq product.

Glenn was especially involved in serving institutional clients, working with them on a daily basis to help them manage their trading needs. Internally, he was involved in the training and development of Merrill's Junior and Senior Traders as well as recruitment efforts for the Nasdaq departments. Glenn was a liaison between these departments, Fundamental Research and Investment Banking. During his tenure, he also established and promoted strong working relationships with Merrill's Equity Capital Markets, Derivatives Group, Convertible Trading, Program Trading, Nasdaq Salestrading and Fundamental Research Products units.

Glenn's responsibilities at Merrill also included working with a team to manage risk for all of the Nasdaq product, maintaining the highest level of securities compliance, and being a key member of Merrill's Technology Steering Committee.

From 1987 until his promotion in 1994, Glenn was a Senior Nasdaq Trader for Merrill Lynch. He started his career as Junior Nasdaq Trader for Kidder Peabody & Co. in 1984.

Glenn received his B.A. from the University of Massachusetts School of Management and is licensed in Series 7, 24, 55 and 63. From 1993 to 1995, Glenn was a Director of the Securities Traders Association of New York.

SOURCE Knight Trading Group, Inc.

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

URL:              http://www.knighttradinggroup.com
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