Knight is a leading options market maker and specialist, providing comprehensive trade execution services to broker-dealers and institutions across a significant number of U.S.-listed option products. By contract volume, Knight is among the largest U.S. equity options market makers. It has specialist rights in approximately 476 option classes as of January 2004, coverage of more than two-thirds of all equity option order flow, and the ability to route order flow to all U.S. options exchanges. Knight's significant options contract liquidity, risk management capabilities and trading efficiencies from proprietary technology provide clients with extremely competitive pricing and trade execution quality. It is this high quality that brings broker-dealers to Knight in their search for best execution on behalf of their customers. At the same time, institutions seek the hands-on service of Knight's options and exchange traded fund sales and trading team to help them tap Knight's strengths in coverage, systems and modeling. Knight makes markets or is a specialist in U.S.-listed options on individual equities, equity indices and commodities. The firm is a member of the Chicago Board Options Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange, the International Securities Exchange, the New York Mercantile Exchange, the Pacific Stock Exchange, the Philadelphia Board of Trade, the Philadelphia Stock Exchange and the American Stock Exchange, and operates on the Boston Options Exchange.