|MARCH 27, 2003|
|Knight Promotes Derek N. Stein to Executive Vice President, Chief Administrative & Technology Officer|
Stein to Oversee Human Resources, Operations, Service and Technology
JERSEY CITY, N.J., Mar 27, 2003 /PRNewswire-FirstCall via COMTEX/ -- Knight Trading Group, Inc. (Nasdaq: NITE) today announced the promotion of Derek N. Stein to Executive Vice President, Chief Administrative and Technology Officer of Knight Trading Group, effective immediately. In this newly created position Mr. Stein will continue to focus on maximizing efficiencies throughout the organization and providing low-cost, highly efficient technology solutions for Knight's clients.
Since his arrival in April of 2001, Mr. Stein has been Senior Vice President, Operations, Service and Technology responsible for the oversight of all technology; multiple client service functions; and the identification and implementation of operating efficiencies throughout the organization. Prior to joining Knight, Mr. Stein spent eight years with Merrill Lynch, most recently as a Senior Director responsible for the management and coordination of their institutional global services organization, infrastructure investments and e-commerce operations.
"This promotion reflects a natural evolution of Derek's role here at Knight based on his many contributions. Expanding his duties allows additional opportunity to optimize human capital as we continue to align the company's functional teams with the strategy and needs of our business," said Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group. "Derek has a proven track record of unifying cross-functional teams to create synergies both here at Knight and in his previous position at Merrill Lynch. He has been critical to the implementation of our business plan and our recent efforts to restructure around our clients' needs."
Knight is focused on meeting the needs of institutional and broker-dealer clients by offering the highest quality trade execution, superior service, capital commitment and access to a deep pool of liquidity across the depth and breadth of the market. As a leading execution specialist, Knight broadens our clients' access to the capital markets by providing comprehensive trade execution services in equity securities and option classes. Knight also maintains a $1 billion asset management business for institutions and high net worth individuals. 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.
Derek N. Stein
Derek N. Stein, Executive Vice President, Chief Administrative and Technology Officer for Knight Trading Group, Inc., is an experienced manager in the securities and financial services industries.
Derek joined Knight in April 2001 as Senior Vice President, Operations, Service and Technology. Since his arrival, he has assumed responsibility for all technology and multiple client service functions. In addition, he has driven the process of identifying and implementing operating efficiencies throughout the organization. Also among Derek's responsibilities is the development of state-of the-art technology systems that satisfy our clients' connectivity and reliability needs and are in accordance with the specification of the compliance staff. Most recently, he has been focused on making enhancements to the trading platform, rolling out new products, and aligning internal functions with the company's business model.
Prior to joining Knight, Derek spent eight years with Merrill Lynch & Co. From 1993 to early 2001, Derek was a Senior Director responsible for the management and coordination of Merrill Lynch's institutional global services organization, infrastructure investments and e-commerce operations.
Derek came to Merrill Lynch from Ernst & Young where he was a management consultant in the Financial Services Industry Group from 1987 to 1992. His areas of expertise were the capital markets and banking sectors.
Before moving to the U.S. from South Africa, Derek managed a private equity investment fund and was a practicing Charted Accountant. He also is a Certified Public Accountant.
Derek received a bachelor of commerce degree and a post-graduate degree in Finance from the University of Witwatersrand in South Africa.
SOURCE Knight Trading Group, Inc.