LIQUIDITY

Knight is an important source of liquidity in the fragmented U.S. equity market.

The firm pools order flow from retail and institutional investors to generate deep, in-house liquidity. Knight applies sophisticated trading technologies to the trade execution process. The firm continually seeks to meet client-defined measures for best execution. Clients also benefit from reduced trading friction and high fulfillment rates.

When liquidity isn't immediately available Knight can commit capital as a market maker or provide facilitation capital on an agency basis. In addition, the firm is connected to more than 100 exchanges, ECNs, dark pools, ADFs, MTFs and other brokers.

Liquidity Statistics

•	Knight makes markets and trades in more than 19,000 U.S. equities
•	In 2011, Knight average daily volume of U.S. equities equaled $29.3 billion dollar value traded, 4.2 million trades, and 4.5 billion shares traded
•	In 2011, Knight ranked # 1 in secondary trading of U.S. equities by share volume among all securities firms
- #1 in shares traded of NYSE-listed stocks with 16.7% market share in 2011 (AutEx January 1, 2011 to December 31, 2011) - #1 in shares traded of NASDAQ-listed stocks with 17.2% market share in 2011 (AutEx, January 1, 2011 to December 31, 2011) - #1 in shares traded of ETFs with a 17.3% market share in 2011 (AutEx, January 1, 2011 to December 31, 2011) - In the fourth quarter of 2011, Knight traded an average of 2.9 billion shares per day, 448 million shares per hour, 7.5 million shares per minute and 124,000 shares per second.

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