|JULY 1, 1999|
|Knight Securities Appoints William Karsh to Head Business Development - Knight Strengthens Management Team to Accommodate Growth|
|Knight/Trimark Group, Inc. (Nasdaq:NITE) announced today the appointment of William Karsh as senior vice president of business development at its Knight Securities subsidiary.
Mr. Karsh, 46, joins Knight from Sun America Financial Network Inc., where he
served as executive vice president, chief operations and administrative
``Knight/Trimark Group has tripled in size over the past year and we are building a deeper management team to accommodate this growth,'' said Kenneth D. Pasternak, president and chief executive officer of Knight/Trimark Group. ``As evidenced by the addition of Bill Karsh and John Hewitt, appointed Knight's president earlier this week, we are adding individuals who possess a strong entrepreneurial spirit and a wealth of experience in electronic trading, technology and operations. These appointments are integral to our vision to become the world's largest market maker.''
At Sun America, Mr. Karsh was responsible for operations, clearing, new business development and technology. Previously, Mr. Karsh served as president and chief executive officer of National Discount Brokers Group, an on-line discount brokerage he helped to create. Mr. Karsh also held senior positions at Refco Securities Inc. and Spear, Leeds & Kellog.
Knight/Trimark Group is the leading market maker in both Nasdaq/OTC securities and the over-the-counter market for NYSE and Amex-listed equity securities -- the Third Market. The firm, the number one destination for on-line trade executions, is the unseen ``processing power'' behind the explosive growth in securities trading via the Internet.
With its cutting-edge technology, Knight/Trimark has the capacity to handle 1.2 million trades per day. In the first quarter of 1999, the four-year-old company executed on average 306,000 trades per day, a 147 percent increase over the prior year's first quarter. Since going public in July 1998, the company's market capitalization has grown from $750 million to approximately $6.6 billion, and its stock continues to be one of the best performing listings on Nasdaq.