With a notable recruitment of talent to complement veteran staff, Knight has a new team with the know-how to explore the opportunities made possible by the Knight founders who came before them.       NEW MANAGEMENT CEO and President Tom Joyce arrived in May 2002 with more than 25 years of experience on Wall Street, an appreciation for Knight’s history of innovation, and a firm belief that the Knight business model has tremendous potential. Tom was the beginning of what has become a notable recruitment of talent to complement Knight’s veteran staff. With a newly hired executive to lead the entire institutional group, Knight quickly filled out its institutional sales and trading roster both in the company’s Jersey City headquarters, and in cities with the highest concentration of institutional clients. In the second half of 2002, Knight appointed institutional sales heads, opened new offices in Chicago and San Francisco and bolstered its Boston office with the addition of institutional producers. Knight’s cash equity trading operations also added expertise. The head of cash equity trading started in July 2002, followed by a co-head of Nasdaq trading, a head of listed block trading, and multiple senior traders. Knight has rounded out the growing institutional effort by enhancing its soft dollar group, introducing an institutional options and exchange traded fund sales and trading team, and hiring a client connectivity expert. Further, Knight brought on board a general counsel with a regulatory focus. Add these new hires to the company’s existing talent and Knight has a new team with the know-how to explore the opportunities made possible by the Knight founders who came before them.   Knight’s new management has a whole new way of looking at the company’s unique competitive position, with an unwavering client commitment and a mindset of one company. With one approach. And one brand.       NEW PHILOSOPHY Knight has always provided high-quality trade execution. So, what has changed with new management? A new perspective. Knight has a whole new way of evaluating its competitive advantage and how to leverage it. No other trading firm is quite like Knight. In an age when the bundling of investment banking and research is under intense scrutiny, Knight believes it stands out as an independent source of straightforward trading and market - making. At the same time, other pure execution venues similar to Knight have more limited offerings. Even the largest of these niche firms cannot cover the breadth of cash equity and option securities that Knight can. At the core of this new philosophy, and Knight’s ability to build upon its competitive position, is an unwavering commitment to clients. This means restructuring to improve access to the entire range of available products and services with a mindset of one company. With one approach. And one brand. It means developing and enhancing products and tools that meet the needs of institutional and broker-dealer clients. And it means leveraging the trading platform to best serve the needs of both client groups. After all, Knight believes it is a unique place where institutional and retail order flow converge.