|NOVEMBER 4, 2002|
|Knight Trading Group Names Rick S. Spear Senior Vice President, Head Of Strategy & Business Development|
|JERSEY CITY, N.J., Nov 4, 2002 /PRNewswire-FirstCall via COMTEX/ -- Knight
Trading Group, Inc. (Nasdaq: NITE) today announced that Rick S. Spear has been
named Senior Vice President, Head of Strategy and Business Development, a new
position overseeing all strategic planning and business development functions
for the company. The appointment is effective immediately.
Mr. Spear, 40, was Managing Director and Practice Head, North America Capital Markets, at Oliver, Wyman & Company. He was responsible at Oliver Wyman for growing and maintaining senior relationships with multiple Wall Street houses as well as exchanges and information vendors. His assignments typically were highly quantitative, with the objective to drive strategic financial improvements for the clientele. Prior to joining Oliver Wyman, he also worked as a consultant in Financial Services at Booz Allen & Hamilton. He began his career at Morgan Stanley.
Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group, said, "We are excited to have such an accomplished industry expert join us in this critical strategy and business development role. Rick has the leadership skills to build our revenue base and pursue strategic opportunities while protecting the strength and quality of our balance sheet. It is a pleasure to welcome Rick to Knight."
Mr. Spear said, "After working with Tom in a consulting capacity over the past seven years, I know he is an extraordinary leader. He has put together a team that will secure Knight's competitive position as a preeminent provider of execution services for institutions and broker-dealers. I am pleased to become part of this exceptional Knight team, and I look forward to helping Tom achieve Knight's strategic goals and business plan."
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 1,034 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 at 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.
Rick S. Spear
Rick S. Spear, Senior Vice President, Head of Strategy and Business Development for Knight Trading Group, Inc., has 18 years of experience in the securities industry.
Until joining Knight in November 2002, Rick was Managing Director and Practice Head, North America Capital Markets, at Oliver, Wyman & Company. He was responsible for growing and maintaining senior relationships with multiple Wall Street houses as well as buy-side firms, exchanges, global custodians and information vendors. He worked on a broad spectrum of issues, including the value of order flow and the economics of research, as well as strategic acquisition and divestiture analyses. He also oversaw other partners and senior managers. Rick joined Oliver, Wyman in 1996.
Rick worked at Booz Allen & Hamilton from 1993 to 1996, where he specialized in the securities industry. He focused on cost economics, especially scale and activity based costing analysis. He also examined adjacent business value, including global custody and prime brokerage, and helped assess the alignment of technology with business objectives.
Rick started his career in 1984 in Morgan Stanley's Trading Technology group where he worked across multiple businesses and was a project manager for Morgan Stanley's TAPS system. He helped redesign its core trades processing and securities fully balanced sub-ledger capability. Rick was also a founding creator of Morgan Stanley's program trading straight through processing system and managed the implementation of MatchPlus, a black box "pre-ECN" continuous matching engine for 19c3 securities.
Rick graduated with distinction from Stanford University in 1984 and Stuyvesant High School, New York City, in 1980.
SOURCE Knight Trading Group, Inc.