|OCTOBER 16, 2002|
|Knight Trading Group Directors Elect CEO and President Thomas M. Joyce To Board|
|JERSEY CITY, N.J., Oct 16, 2002 /PRNewswire-FirstCall via COMTEX/ -- Knight
Trading Group, Inc. (Nasdaq: NITE) today announced that its Board of Directors
unanimously elected Knight Chief Executive Officer and President Thomas M. Joyce
to the Board in its regular meeting on October 15, 2002.
Charles V. Doherty, non-executive Chairman of the Board, said, "The Board is very pleased with the progress Tom has made as Knight CEO since his arrival May 30. He quickly but thoroughly evaluated the company, made excellent additions to the senior staff, and began to establish a strategic plan to leverage Knight's business model for the changing market structure. Now we are eager to have Tom apply his experience, integrity and high standards for fair dealing in his additional capacity as Knight Board Director as the company moves through this transitional period and sets the right structure into place for 2003."
Mr. Joyce, 47, was appointed CEO and President of Knight Trading Group May 30, 2002. He joined 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.
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 1,034 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 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.
SOURCE Knight Trading Group, Inc.