Knight Announces Partnership With Citadel to Expand Direct Edge ECN
July 18 2007 - 6:02AM
PR Newswire (US)
Nasdaq's William O'Brien to Join Direct Edge ECN as Chief Executive
Officer JERSEY CITY, N.J., July 18 /PRNewswire-FirstCall/ -- Knight
Capital Group, Inc. (NASDAQ:NITE) today announced that Citadel
Derivatives Group LLC, an affiliate of Citadel Investment Group,
L.L.C., one of the world's leading financial institutions focused
on alternative asset management, has agreed to purchase a minority
equity interest in Knight's rapidly growing ECN, Direct Edge ECN.
Knight and Citadel have received regulatory approval for the
investment, which is expected to close by July 31, 2007. Financial
terms of the transaction were not disclosed. "Knight is proud to
welcome industry leader Citadel as a partner in the Direct Edge
ECN, which we have built into a vibrant alternative to the
exchanges," said Thomas M. Joyce, Chairman and Chief Executive
Officer of Knight Capital Group. "We believe Direct Edge ECN's
value as a low-cost industry utility will continue to grow as our
partners work together to increase liquidity on the platform."
William O'Brien, 36, will join Direct Edge ECN LLC as Chief
Executive Officer effective July 30, 2007, to oversee daily
operations as well as lead the expansion efforts of the ECN. Mr.
O'Brien joins the ECN from The Nasdaq Stock Market, Inc. where most
recently he was Senior Vice President, New Listings. Mr. O'Brien
joined Nasdaq as part of its 2004 acquisition of BRUT, LLC, where
he had been Chief Operating Officer since 2002. William Karsh, 54,
who has been Chief Executive Officer of the Direct Edge ECN
subsidiary since March 2006, will remain with Direct Edge under Mr.
O'Brien when the transaction is closed. "I am delighted that Bill
O'Brien has joined Direct Edge ECN as CEO," Mr. Joyce said. "We are
confident that Bill's experience at Nasdaq and at BRUT, where he
had been responsible for day-to-day operations, makes him the ideal
person to lead and grow the ECN." "Knight has created a competitive
and liquid marketplace with Direct Edge ECN," said Matt Andresen,
Co-Head of Citadel Derivatives Group. "We are excited by the
opportunity to partner with Knight and are committed to helping
Direct Edge continue its strong growth." Direct Edge ECN entered
the market in October 2005 and today averages touched volume of
more than 200 million shares per day, with a one-day high in the
second quarter of 299 million shares on June 26, 2007. Knight and
Citadel intend to attract other strategic investors who in addition
to providing an equity investment also seek to utilize Direct Edge
ECN for trade execution. Biography William O'Brien Chief Executive
Officer, Direct Edge ECN LLC William O'Brien joins Direct Edge ECN
LLC as Chief Executive Officer in July 2007. As CEO, he will be
responsible for the management of all strategic, operational and
administrative affairs of the ECN. Prior to his appointment to
Direct Edge ECN, Mr. O'Brien was Senior Vice President, New
Listings at The Nasdaq Stock Market, Inc. with responsibility for
all Nasdaq efforts to increase U.S. listings, including IPOs,
exchange transfers and structured products. He also was Nasdaq's
Senior Vice President, Market Data Distribution, responsible for
the sales, management and business direction of Nasdaq's real-time
and historical market data business. Mr. O'Brien joined Nasdaq in
2004 by way of Brut, LLC, where he had been Chief Operating Officer
since 2002, helping lead the company through a period of
significant growth and its acquisition by Nasdaq. He originally
joined Brut as Senior Vice President and General Counsel in 2000.
Mr. O'Brien also was Vice President and Assistant General Counsel
at Goldman Sachs from 1998 to 2000 and was an attorney in Orrick,
Herrington & Sutcliffe LLP's Market Regulation Group from 1995
to 1998. He has a B.A. from the University of Notre Dame and a J.D.
from the University of Pennsylvania School of Law. About Citadel
Investment Group, L.L.C. Citadel is one of the world's leading
financial institutions focused on alternative asset management
strategies. The Citadel group of companies employ over 1,000
professionals at headquarters in Chicago and across its offices
around the world, including New York, San Francisco, London, Hong
Kong and Tokyo. Citadel Derivatives Group LLC is an affiliate of
Citadel Investment Group, L.L.C. and is one of the leading
market-makers in equities and listed options in the United States.
About Knight Knight Capital Group, Inc. (NASDAQ:NITE) is a leading
financial services firm that provides voice and electronic access
to the capital markets across multiple asset classes for buy-side,
sell-side and corporate clients, and asset management for
institutions and private clients. Our Global Markets business
offers superior execution quality through natural liquidity,
capital facilitation and trading technology, with comprehensive
products and services that support the capital formation process.
Our Asset Management business, Deephaven Capital Management, is a
global multi-strategy alternative investment manager focused on
delivering attractive risk-adjusted returns with low correlation to
the broader markets. More information about Knight can be found at
http://www.knight.com/. Certain statements contained herein
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates and projections about the Company's industry,
management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Since such statements involve risks and uncertainties, the actual
results and performance of the Company may turn out to be
materially different from the results expressed or implied by such
forward-looking statements. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein; however, readers
should carefully review reports or documents the Company files from
time to time with the Securities and Exchange Commission including,
without limitation, the risks and uncertainties detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risks Affecting our Business" in the Company's Annual Report on
Form 10-K. DATASOURCE: Knight Capital Group, Inc. CONTACT: Margaret
Wyrwas, Senior Managing Director, Corporate Communications &
Investor Relations, +1-201-557-6954, , or Kara Fitzsimmons, Vice
President, Corporate Communications, +1-201-356-1523, , both of
Knight Capital Group, Inc. Web site: http://www.knight.com/
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