|SEPTEMBER 2, 2003|
|Knight Trading Group Renames OTC Trading Subsidiary Knight Equity Markets|
JERSEY CITY, N.J., Sep 2, 2003 /PRNewswire-FirstCall via COMTEX/ -- Knight Trading Group, Inc. (Nasdaq: NITE) today announced that it has changed the name of its over-the-counter trading subsidiary from Knight Securities, L.P. to Knight Equity Markets, L.P., effective September 1, 2003.
Knight Equity Markets provides market-making services to institutions and broker-dealers in equity securities listed on Nasdaq, the OTC Bulletin Board and Pink Sheets. Knight Equity Markets, a subsidiary of Knight Trading Group, is a broker-dealer registered with the Securities and Exchange Commission and is a member of SIPC and NASD. The market participation identification (MPID) for Knight Equity Markets remains the same: NITE.
"Knight's establishment of Knight Equity Markets is part of the company's larger effort to streamline our trading operations and bring Knight's structure more in line with the most respected firms in our industry," said Thomas M. Joyce, Chief Executive Officer and President of Knight Trading Group. "The term 'equity markets' is commonly used for defining equity trading operations on the Street, and it will now define Knight's. Ultimately, Knight seeks a simple, straightforward structure, which we believe is best suited for serving our clients. At the same time, we want institutions and broker-dealers to view us not as a wholesale execution house, as we were once defined, but as a preferred partner in providing high quality trade execution services."
Knight is focused on meeting the needs of institutional and broker-dealer clients by providing comprehensive trade execution services in cash equities and options. A leading execution specialist, Knight offers capital commitment and access to a deep pool of liquidity across the depth and breadth of the market as it strives to provide superior client service. 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.
SOURCE Knight Trading Group