RESEARCH AND COMMENTARY

Far-reaching regulatory and market structure change seems to be the only constant in the capital markets.

Knight's management frequently participates in the public debate surrounding current and proposed changes to market structure and regulation. Use the links below to access comment letters, transcriptions of testimony, studies and perspectives on a variety of industry issues.

2013
04.25.2013	Request for Extensions of Time for Commission's Determination and Public Comment on the National Securities Clearing Corporation Notice of Filing of Proposed Rule Change to Institute Supplemental Liquidity Deposits to Its Clearing Fund Designed to Increase Liquidity Resources to Meet Its Liquidity Needs (Exchange Act Release No. 34-69313; File No. SR-NSCC-2013-02)	Comment Letter
2012
08.29.2012	Re: SEC Release No. 34-67507; File No. SR-NASDAQ-2012-090; Notice of Filing of Proposed Rule Change to Amend Rule 4626 – Limitation of Liability	Statement
08.01.2012	Knight's Response to August 1st Market Rumors	Statement
06.26.2012	SIFMA Letter Re: Securities Exchange Act Release No. 34-67085 (File No. SR-FINRA-2012-026); Notice of Filing of Proposed Rule Change Relating to the Handling of Stop and Stop Limit Orders	Comment Letter
06.20.2012	Testimony of Mr. Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group, Inc.	Perspective
06.04.2012	Re: SEC Release No. 34-66924; File No. SR-FINRA-2012-023; Proposed Rule Change Relating to FINRA's Trading Activity Fee Rate for Transactions in Covered Equity Securities.	Comment Letter
05.25.2012	Knight CEO Tom Joyce appeared on the CBS Evening News on May 25, 2012 to discuss the Facebook IPO. Click here to watch the video. (Please note that you will be directed to the CBS website)	Perspective
05.21.2012	Knight CEO Tom Joyce appeared on CNBC on May 21, 2012 to discuss the Facebook IPO. Click here to watch the video. (Please note that you will be directed to the CNBC website)	Perspective
05.07.2012	Re: Securities Exchange Act Release No. 34-66819 File No. SR-FINRA-2011-058 Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Amendment No. 1 to Proposed Rule Change to Amend FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities)	Comment Letter
05.04.2012	Securities Exchange Act Release No. 34-66765 File No. SR-NASDAQ-2012-043; Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No.1 Thereto, To Establish the Market Quality Program	Comment Letter
04.25.2012	Co-Location	Perspective
03.15.2012	Equity Markets: Protecting the Individual Investor	Perspective
03.07.2012	Securities Exchange Act Release No. 34-66346 (File Nos. SR-NYSE-2011-55 and SRNYSEAmex-2011-84) Order Instituting Proceedings to Determine Whether to Disapprove Proposed Rule Changes, as Modified by Amendments No. 1, Adopting NYSE Rule 107C to Establish a Retail Liquidity Program for NYSE-Listed Securities and NYSE Amex Rule 107C to Establish a Retail Liquidity Program for NYSE Amex Equities Traded Securities.	Comment Letter
01.13.2012	Re: Proposed Rule Change to Amend FINRA Rule 6433	Comment Letter
2011
11.28.2011	Re: Securities Exchange Act Release No. 34-65672 File No. SR-NYSE-2011-55; Notice of Rule Filing of Rule Change Proposing a One-Year Pilot Program Adding New Rule 107C To Establish a Retail Liquidity Program To Attract Additional Retail Order Flow to the Exchange for NYSE and Amex-Listed Securities.	Comment Letter
11.16.2011	Re: SR-FINRA-2011-058 (34-65568) Proposed Rule Change to Amend FINRA Rule 6433	Comment Letter
11.03.2011	MSRB Notice 2011-50 Knight BondPoint welcomes the opportunity to comment on Municipal Securities Rulemaking Board Notice 2011-50, in which the MSRB requests comments on revisions to draft Rule G-43, and related revisions to draft amendments to Rule G-8 and Rule G-9 and on a draft interpretive notice concerning the obligations of brokers, dealers and municipal securities dealers that use the services of broker's brokers.	Comment Letter
08.15.2011	U.S. Equity Markets Thomas M. Joyce, Chairman & CEO of Knight Capital Group, discusses the U.S. Equity Markets	Comment Letter
06.22.2011	Plan to Address Extraordinary Market Volatility Submitted to the Securities and Exchange Commission Pursuant to Rule 608 of Regulation NMS Under the Securities Exchange Act of 1934 Knight Capital Group, Inc. welcomes the opportunity to comment on the Plan to Address Extraordinary Market Volatility Submitted to the Securities and Exchange Commission Pursuant to Rule 608 of Regulation NMS Under the Securities Exchange Act of 1934 by various self-regulatory organizations.	Comment Letter
04.21.2011	Knight BondPoint comment on Notice 2011-18	Comment Letter
03.21.2011	Joint CFTC-SEC Advisory Committee Recommendations Regarding Regulatory Responses to the Market Events of May 6, 2010 Knight comments on the recommendation of the Join CFTC-SEC Advisory Committee detailed in its report entitled, "Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010".	Comment Letter
2010
11.30.2010	Current Perspectives on Modern Equity Markets: A Collection of Essays by Financial Industry Experts "Current Perspectives on Modern Equity Markets: A Collection of Essays by Financial Industry Experts" examines how competition, technology and recent innovations in U.S. equity markets have affected both institutional and retail investors. Fourteen industry leaders and authorities contributed chapters to the book, which was sponsored by Knight. To order copies of the book, please email CMIR@knight.com.	Perspective
08.11.2010	Knight Comment on Consolidated Trail Proposal, SEC Act Release No. 34-62174	Comment Letter
07.27.2010	Knight Comment on Proposed Rule to Amend Clearly Erroneous Transactions in Exchange-Listed Securities	Comment Letter
07.09.2010	Market Maker Obligations	Comment Letter
06.22.2010	Leonard J. Amoruso Written Statement Submitted before the CFTC-SEC Advisory Committee on Emerging Regulatory Issues	Comment Letter
06.04.2010	Trading Halts Due to Extraordinary Market Volatility Rules	Comment Letter
05.20.2010	Knight's Response to CESR's Call for Evidence	Comment Letter
05.11.2010	Perspective on the Market Event of May 6, 2010 Thomas M. Joyce, Chairman & CEO of Knight Capital Group, discusses the market volatility that occurred May 6, 2010, as well as suggestions to help mitigate similar shocks to the market going forward.	Perspective
04.25.2010	Securities Exchange Act Release No. 34-61358 -- File No. S7-02-10, Concept Release on Equity Market Structure	Comment Letter
02.23.2010	Equity Trading in the 21st Century "Equity Trading in the 21st Century," a study commissioned by Knight Capital Group and authored by professors James Angel of Georgetown University, Larry Harris of the University of Southern California, and Chester Spatt of Carnegie Mellon University, examines the impact of recent innovations in the U.S. market structure, the measureable dimensions of market quality and the effect these changes have had on all investors.	Study
02.22.2010	Exchange Act Release No. 34-61168 -- File No. SR-FINRA-2009-090	Comment Letter
01.26.2010	Comments to Securities Exchange Act Release No. 34-60999	Comment Letter
2009
10.28.2009	Thomas Joyce's Written Testimony Submitted Before a Senate Subcommittee Hearing on Dark Pools, Flash Orders, High Frequency Trading and Other Market Structure Issues	Testimony
09.22.2009	Securities Exchange Act Release No. 34-60509 File No. S7-08-09, Amendments to Regulation SHO	Comment Letter
09.16.2009	Knight's Comments to the SEC Regarding the Proposed Rule Change to Adopt FINRA Rules 6434, 6437, 6450 and 6460	Comment Letter
06.18.2009	Knight's Comments to the SEC Regarding the Proposed Amendments to Regulation SHO	Comment Letter
06.10.2009	Public Comment on Consultation Report on Unregulated Financial Markets and Products	Comment Letter
2008
05.09.2008	2008 U.S. Market Structure Update	White Paper
04.23.2008	MiFID: What Europe Can Learn from the U.S.	White Paper
03.31.2008	Knight's Comments to the National Futures Association on Forex Price Adjustments	Comment Letter
01.14.2008	Knight's Comments to the National Futures Association on NFA Request for Comments on Forex Proposals	Comment Letter
2007
07.06.2007	Knight's Comments to the NFA on Forex Capital and Internal Controls	Comment Letter
06.01.2007	Knight's Comments to the SEC on the Proposed Rule Change Relating to Access Fee Display Requirements for the OTCBB'	Comment Letter
2006
09.20.2006	Knight's Comments to the SEC on Proposed Amendments to Regulation SHO	Comment Letter
05.30.2006	Knight's Comments to the SEC on the National Securities Clearing Corporation Related to Trade Submission Requirements and Fees and Pre-Netting	Comment Letter
05.05.2006	Knight's Comment to the SEC on NASD Proposed Rules On ECN Fees	Comment Letter
01.24.2006	Knight's Comment to NASD on Rule Change Amendment No. 2 Relating to Sub-Penny Restrictions for Non-Nasdaq OTC Equity Securities	Comment Letter
2005
05.18.2005	Thomas Joyce's NMS Testimony (Senate)	Testimony
02.15.2005	Thomas Joyce's NMS Testimony (House)	Testimony
01.25.2005	Thomas Joyce's NMS Comment Letter	Testimony
2004
07.02.2004	Knight's Comment Letter to the SEC on Proposed Regulation NMS	Comment Letter
04.21.2004	Thomas Joyce's Testimony Before the SEC Regarding Proposed Regulation NMS	Testimony
04.15.2004	Knight Letter to SEC Regarding Concept Release on Competitive Development in the Options Markets	Comment Letter
01.06.2004	Knight's Comment on Short Sale Rule Proposal	Testimony
2003
11.06.2003	Knight's Comment on Amex's Joint Venture Pilot Program with S&P	Comment Letter
10.30.2003	Thomas Joyce's Testimony Before Congress Regarding Market Structure Issues (House)	Testimony

	Change Password