Exhibit 99.1

[LOGO OF KNIGHT TRADING GROUP, INC.]
CONTACTS FOR KNIGHT
Margaret Wyrwas
Senior Vice President, Corporate Communications & Investor Relations
201-557-6954 or mwyrwas@knighttrading.com

Kara Fitzsimmons
Vice President, Corporate Communications
201-356-1523 or kfitzsimmons@knighttrading.com

Judy Pirro
Manager, Investor and Shareholder Relations
201-356-1548 or jpirro@knighttrading.com

Catherine Smith
Manager, Marketing Communications and Public Relations
201-557-6992 or csmith@knighttrading.com

FOR IMMEDIATE RELEASE:

            KNIGHT PROMOTES JOHN B. HOWARD TO CHIEF FINANCIAL OFFICER

JERSEY CITY, New Jersey (May 5, 2003)--Knight Trading Group, Inc. (Nasdaq:
NITE) today announced that John B. Howard has been promoted to Chief Financial
Officer, effective immediately.

Mr. Howard, 33, was Senior Vice President and Group Controller. He had been
Acting CFO since February 5, 2003, when Robert I. Turner announced his intention
to retire as the company's Chief Financial Officer, Executive Vice President and
Treasurer. Mr. Howard has been with Knight since 1998. Previously, he was a
Senior Manager in the Securities Industry Practice of PricewaterhouseCoopers.

"John's combined expertise in financial services and extensive knowledge of
Knight made him the right choice for the position," said Thomas M. Joyce, Chief
Executive Officer and President of Knight Trading Group. "He has done an
extraordinary job as Acting CFO since February. He earned his appointment by
expertly overseeing Knight's 10-K and proxy filings, the institution of
Sarbanes-Oxley requirements, and the preparation and announcement of our first
quarter earnings results. Moreover, John has consistently proven himself since
he joined Knight after the company's IPO."

Knight is focused on meeting the needs of institutional and broker-dealer
clients by providing comprehensive trade execution services in cash equities and
options. A leading execution specialist, Knight offers capital commitment and
access to a deep pool of liquidity across the depth and breadth of the market as
it strives to provide superior client service. Knight also maintains a $1
billion asset management business for institutions and



high net worth individuals. More information about Knight can be obtained at
www.knighttradinggroup.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.

                              [Biography follows]
                                     # # #


John B. Howard
Senior Vice President, Chief Financial Officer
Knight Trading Group, Inc.

John B. Howard, 33, Senior Vice President, Chief Financial Officer, has
extensive financial and regulatory reporting experience.

John started his career in 1991 at PricewaterhouseCoopers where he managed audit
engagements and financial and operational consulting projects for banks,
broker-dealers and investment companies. A Senior Manager within PwC's
Securities Industry Practice, he also advised several domestic and international
banks on the establishment or acquisition of broker-dealers under Section 20 of
the Glass-Steagall Act.

In this capacity at PwC, he advised Knight from its inception in 1995 until its
initial public offering in 1998. He joined Knight later that year as Senior Vice
President and Group Financial Controller. In this role, he was responsible for
financial and regulatory reporting, and helped oversee the firm's secondary
equity offering in 1999. In 2000, he managed the due diligence project team
overseeing the acquisition of Knight Financial Products (Arbitrade) and helped
oversee the integration of its operations into the firm's infrastructure.

In 2000, John was named Chief Financial Officer of London-based subsidiary
Knight Securities International, Ltd, where he was responsible for finance,
regulatory reporting and administration. He returned to the U.S. in 2002 and
resumed his responsibility as Senior Vice President, Group Financial Controller.
He also served as Acting Chief



Financial Officer from February 2003 a position he held until he was promoted in
May of 2003.

John graduated with high honors from Lehigh University with a B.S. in
Accounting.