Knight Trading Concludes Settlement With the SEC and NASD
December 16 2004 - 10:35AM
PR Newswire (US)
Knight Trading Concludes Settlement With the SEC and NASD JERSEY
CITY, N.J., Dec. 16 /PRNewswire-FirstCall/ -- Knight Trading Group,
Inc. (NASDAQ:NITE) today announced that Knight Securities, L.P.
(KSLP) has concluded its settlement with the U.S. Securities and
Exchange Commission (SEC) and NASD. The settlement involves KSLP,
an over-the-counter trading subsidiary renamed Knight Equity
Markets, L.P., effective September 1, 2003. Knight Equity Markets,
L.P. is a subsidiary of Knight Trading Group, Inc. (Knight). As
previously announced on July 7, 2004 when Knight disclosed that it
had reached an agreement in principle with the staffs of the SEC
and NASD, the settlement is related to certain institutional trade
activity, conduct and supervision that occurred in 1999 through
2001. The findings concerning KSLP include violations of the
antifraud provisions of the Securities Exchange Act of 1934 and
associated rules and of SEC rules pertaining to supervision and
books and records, and violations of NASD rules concerning
supervision, the production of books and records, the use of trade
modifiers and the filing of Form U5 notices concerning certain
former employees. Under the terms of the settlement, Knight will
disgorge approximately $41 million in institutional trading
profits, and pay approximately $13 million in interest and $25
million in penalties. An independent distribution consultant will
determine how the funds will be distributed, subject to the
approval of the SEC. Knight took a pre-tax charge of approximately
$79 million in the second quarter, which ended June 30, 2004,
relating to the settlement. Accordingly, the settlement will not
have a material financial impact on the company's fourth quarter
results. "Today's final settlement is based on the agreement in
principle we announced in early July," said Thomas M. Joyce, Chief
Executive Officer and President of Knight Trading Group. "We at
Knight, including the management team that arrived after May 2002
and our employees, understand that we have a responsibility to our
clients to provide superior trade execution services. We will
continue to pursue our client-focused strategies to build Knight's
business platform and future prospects." The Company noted that the
settlement was made in the form of administrative orders, in which
KSLP neither admitted nor denied the findings. The settlement
resolves the matters for which KSLP received Wells Notices from the
staffs of the SEC and NASD. Knight previously announced the receipt
of the Wells Notices on March 4, 2004. Knight is focused on meeting
the needs of institutional and broker-dealer clients by providing
comprehensive trade execution services in equities. A leading trade
execution specialist, Knight offers capital commitment and access
to a deep pool of liquidity across the depth and breadth of the
equity market. Knight also operates an asset management business
for institutions and high net worth individuals. To be a valued
partner, Knight strives to provide superior client service and will
continue to tailor its offering to meet the needs of its clients.
More information about Knight can be obtained 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.
DATASOURCE: Knight Trading Group, Inc. CONTACT: Margaret Wyrwas,
Senior Managing Director, Corporate Communications & Investor
Relations, +1-201-557-6954 or , or Kara Fitzsimmons, Vice
President, Corporate Communications, +1-201-356-1523 or , or Greta
Morley, Assistant Vice President, Marketing Communications &
Public Relations, +1-201-557-6948 or , or Molly McDowell Analyst,
Corporate Communications & Investor Relations, +1-201-356-1723
or , all of Knight Trading Group, Inc. Web site:
http://www.knight.com/
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