liquidity, connectivity, capital commitment It doesn't matter whether institutions and broker-dealers seek natural liquidity, capital commitment or the connectivity to fragmented pools across the market. Knight can provide them with access to all three sources. Knight's position as the leading destination for broker-dealer order flow makes it one of the largest pools of liquidity in the market. But when that liquidity is not available anywhere, particularly in smaller, more thinly traded stocks, Knight's market makers commit capital to make the trade happen. Broker-dealers rely on this capability to help them meet best execution for their clients, while institutions use it to help maintain anonymity and ensure speed when the market is moving. In fact, the larger the institution, the more it seeks capital commitment services. Something that can't be provided by ECNs. Finally, when there is liquidity in the marketplace outside of Knight's walls, the company has the technology and connectivity to go out there and get it. Knight itself is fluid, able to tap all resources to execute trades and help clients get the trades done the way they want.