talented, experienced, trusted Knight is breaking down former barriers that prevented it from attaining and growing client accounts. Many clients have started to trade with Knight because of a new reputation for providing high-quality trade executions with service they can trust. The character and caliber of Knight's people have helped earn that trust. Beginning with CEO Tom Joyce's arrival in 2002, Knight launched a recruiting effort to attract experienced and respected management, traders and sales professionals from throughout the Street. These leaders brought with them many valuable relationships as well as a proven ability to create new ones. Knight's relationships are further solidified by high-quality trade executions and by employees' shared belief that service comes first. As an extra measure, Knight instituted a new compensation structure for market makers to better align the interests of employees with the goals of clients. Knight's work is not done. Questions will remain until the legacy regulatory issues are concluded, but the company is not waiting for that day. Knight must build upon the trust it has earned to date to become a company with whom clients will always want to do business.