More broker-dealers come to Knight than to any other trading firm. They come for quality trade executions, capital commitment, and the coverage and connectivity of an unparalleled trading platform.       BROKER-DEALERS In the late '90s, technology enabled a new era where information access met with ease of execution. Together with economic catalysts, these factors triggered an explosion in individual investing and the broker-dealer industry. Knight grew into the largest trade execution venue for broker-dealer order flow. Now retail investors are in retreat, decimalization has collapsed spreads, and fragmentation has increased the cost of executing small orders. While these current issues are a drag on industry profitability, the pool of liquidity fed by Knight’s broker-dealer business remains an important strategic asset for the company. In addition, Knight believes its trading platform, service level and continuous liquidity make it a standout among firms competing for order flow. Broker-dealers don’t have to guess whether or not Knight is able to meet their needs. Why? Knight can handle orders of virtually any size, in any security, with a particular strength in secondary and tertiary issues. In an increasingly fragmented marketplace, Knight reaches across liquidity pools for greater consistency and certainty than trade execution providers who lack Knight’s connectivity. It works closely with broker-dealer clients to customize order handling – even on a real-time basis – as they seek best execution for their customers. Publicly available SEC 11Ac1-5 statistics reflect the high quality of Knight’s trade executions. Knight offers all this while remaining at a competitive price point. It’s why more broker-dealers come to Knight than to any other trading firm.   Knight recognizes that this is an age and an industry where trade execution capabilities and client relationships matter most. It strives to become the natural extension of its clients’ trading desks.       INSTITUTIONS The focal point of Knight’s ability to attract greater institutional order flow is the Knight model. Knight offers comprehensive yet unbundled trade execution services covering the depth and breadth of the market. It can handle large, complex trades with liquidity from its own order flow as well as connectivity to other sources. And Knight has the expertise to execute institutional orders according to client needs. Knight is putting the pieces into place to ultimately build a world-class institutional business. Knight has added experienced sales-traders and will continue to fill out its institutional team as appropriate. And the company is leveraging its trading platform and better coordinating across all product areas: Over-the-Counter, Listed Block Trading, Soft Dollar, Institutional Options, OTC-Listed, Program Trading and Corporate Services. These initiatives support Knight’s already established market leadership position in small- and mid-cap stocks. Knight recognizes that this is an age and an industry where trade execution capabilities and client relationships matter most. And so it is shifting its corporate culture to better focus on clients. Changing compensation so traders are rewarded for focusing on the client. And building teams around each client to increase its business by targeting new institutions while expanding current relationships. Knight strives to become the natural extension of its clients’ trading desks.