Ashekian to Head Company's Boston Institutional Sales Office

Mr. Ashekian, 40, was most recently with Jefferies & Company in Boston, where he was Vice President of Institutional Equity Sales. As a senior equity sales trader at Jefferies, along with his previous positions in institutional equity sales at Bear Stearns and institutional equity trading at Dean Witter Reynolds, Steve developed in-depth knowledge of the marketplace and a keen awareness of the needs of the institutional market participant. Jim Altoonian, who founded the office, will redirect his efforts as a senior relationship manager working with the Boston investment community.

Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group, said, "Steve is a well-respected and known figure in the institutional marketplace. Boston represents the second highest concentration of mutual fund and institutional equity assets in the United States. Steve possesses the institutional background and talent that will enable Knight to better serve the key Boston area institutional marketplace. I'm confident that Steve will prove a valuable addition to Knight's institutional sales operation, and his contribution will help forward our plans to grow this business."

"It is a great opportunity to join Knight -- a household name in equity trading -- at this point of new leadership," stated Stephen J. Ashekian, Senior Vice President of Institutional Sales and Head of Boston Office. "I've known Tom Joyce for many years, and he is a leader with tremendous integrity. I'm excited about the potential for Knight in this rapidly changing market environment under the hand of progressive leadership. I look forward to augmenting the Company's position in the Boston region and to working closely with Jim Altoonian, who has already built an admirable presence for Knight there."

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 from the Company's Web site at www.knighttradinggroup.com.

Copies of this release and other information on the Company can be obtained via the Internet at the Company's Web site, or by calling the Company's toll-free investor information line at 1-877-INFO-NITE.

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.

                             Stephen J. Ashekian
                Senior Vice President & Head of Boston Office
                          Knight Trading Group, Inc.

Steve joined Knight in August 2002 to head up Knight's institutional sales division in Boston. Prior to that, he was Vice President, Institutional Equity Sales at Jefferies & Company in Boston from 1996. While at Jefferies, Steve was responsible for the cash equity execution and trading of orders for major institutional accounts, as well as for building and enhancing relationships with the firm's top institutional clients.

Prior to this position, Steve was Associate Director, Institutional Equity Sales at Bear Stearns from 1994 through 1996, where he covered major institutional accounts. As an Institutional Equity Trader at Dean Witter Reynolds from 1991 through 1994, Steve honed his trading skills and provided research coverage for major Boston institutional accounts, while developing strong relationships with institutional customers. Steve began his career at Merrill Lynch Pierce Fenner & Smith, Inc. in 1986, where he held positions as Institutional Trading Liaison to the New York Stock Exchange Floor, and position trader on Merrill's institutional block trading desk.

Steve received his B.S. from Babson College, and currently holds NASD Series 7, 63 and 3 licenses.

SOURCE Knight Trading Group, Inc.

CONTACT:          Margaret Wyrwas, Senior Vice President, Corporate Communication
                  & Investor Relations, +1-201-557-6954, mwyrwas@knighttrading.com, or Kara
                  Fitzsimmons, Manager, Corporate Communication, +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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