|SEPTEMBER 3, 2002|
|Knight Trading Group Names James P. Smyth Senior Vice President, Institutional Soft Dollars|
|JERSEY CITY, N.J., Sep 3, 2002 /PRNewswire-FirstCall via COMTEX/ -- Knight
Trading Group, Inc. (Nasdaq: NITE) today announced that James P. Smyth has been
named to the newly created position of Senior Vice President, Institutional Soft
Dollars, effective immediately.
Mr. Smyth, 47, joined Knight after a 24-year career with Merrill Lynch & Co., most recently as Managing Director responsible for sales and marketing of the firm's broker-dealer clearing and directed commission businesses. Prior to that, he was President of Merrill Lynch subsidiary Broadcort Capital Corp. where he oversaw the firm's global soft dollar (Broadcort's Citation) and broker-dealer order flow businesses serving Merrill's largest institutional money manager clients, plan sponsors and pension consultant broker-dealers.
Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group, said, "Jim is a leader in developing soft dollar and directed commissions products and services for institutions and broker-dealers. Further, as a former President of a major Merrill Lynch subsidiary, Jim has proven management skills and valuable experience that a developing company like Knight requires. We are honored that Jim chose Knight for his next challenge of putting his wealth of institutional and client management knowledge to work here."
Mr. Smyth said, "I see great opportunity to combine my soft dollar and directed commissions expertise with Knight's quality executions to provide the products and services that clients really need during this time of great market change. Tom has the natural leadership ability to transform Knight's trading platform into a magnet for institutional business, and I look forward to being a part of this evolution."
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.
James P. Smyth, Senior Vice President, Institutional Soft Dollars for Knight Trading Group, Inc., is a leader in developing products for and serving institutions and broker-dealers.
Until he joined Knight in September 2002, Jim spent his entire career -- 24 years -- at Merrill Lynch & Co. Most recently, Jim was Managing Director responsible for sales and marketing of Merrill's broker-dealer clearing and directed commission businesses. He also was involved in enhancing connectivity for Merrill's institutional clients.
From 1995 to 2001, Jim was President of Broadcort Capital Corp., a wholly owned subsidiary of Merrill Lynch offering directed commission services to broker-dealers. He oversaw Merrill's soft dollar business services through Broadcort subsidiary Citation, as well as broker-dealer order flow business for clients that included Merrill's largest institutional money manager clients, plan sponsors and pension consultant broker-dealers.
Jim was Chief Administrative Officer of Merrill Lynch's Capital Markets business between 1991 and 1995, helping to manage the firm's investment banking, equity trading and fixed income trading. Previously, Jim was Chief Administrative Officer for Merrill Lynch's Merchant Banking Group.
In 1978, Jim went directly from Brooklyn College to Merrill Lynch where he became a Junior Accountant in the firm's Municipal Trading Group. He moved on to the Investment Banking Division, first as Senior Accountant in 1983 and then Controller in 1986. From 1987 to 1989, Jim was Controller in Fixed Income until joining Merrill's Merchant Banking Group in 1989.
SOURCE Knight Trading Group, Inc.