transparency and efficiency The basic trading and market-making engine at the heart of the Knight business model represents the company's greatest opportunity to serve its clients with transparency and efficiency. By leveraging the same straightforward structure that attracted broker-dealers at the company's beginning, Knight today is growing its presence among institutions. Knight doesn't look like the rest of the Street. Its largest competitors are under pressure. Regulatory and political pressures are forcing the unbundling of trading and research. And the market is asking the question, what is research really worth? At the same time, smaller equity shops are either too small or too broad. Some have sub-scale trading operations with less connectivity, order flow and capital, while others are burdened by infrastructures supporting capital markets and research. Knight offers comprehensive yet unbundled execution services covering the depth and breadth of the equity market. It is an execution-only shop. With trading scale. Without limitations.