Press Release: September 22, 2000

WR Hambrecht + Co Initiates Coverage of Knight Trading Group (NITE) with a Buy Rating

San Francisco, CA, September 22, 2000—WR Hambrecht + Co today initiated research coverage on Knight Trading Group (NITE) with a Buy rating. WR Hambrecht + Co’s eFinance analyst Jonathan Fayman cited international growth opportunities, product line expansion and a potential takeover as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“With significant growth opportunities available, we expect the Company to deliver attractive earnings growth. In our view, the growth opportunities for Knight’s services are extensive, including international expansion, product line expansion, and target market expansion,” Fayman said.

Fayman added, “As the largest market maker, Knight, in our view, is the most attractive target since it provides immediate, substantial order flow and trading capacity to any potential acquirer. Given the scarcity premium, Knight’s dominant domestic position and emerging international opportunities, we believe that $50 - $60 price may have to be paid to acquire the company.”

Fayman projects total revenues will reach $1.3 billion in 2000, and $1.5 billion in 2001, up from $801 million in 1999.

Knight Trading Group Inc. is one of the leading market maker in Nasdaq securities and in the Third Market, which is the over-the-counter market in exchange-listed equity securities, primarily those listed on the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX).