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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject9/6/2002 1:58:00 PM
From: TFF  Read Replies (1) of 12617
 
Knight To Shake Up Compensation, Moves To Annual Bonus
Wall Street Letter
09/05/02
Raul Gallegos


In a major departure from its long standing salary plus commission compensation structure, Knight Trading, the largest market making firm for the Nasdaq Stock Market, plans to introduce a fixed salary plus a year-end bonus for traders and other employees, according to insiders. Knight is believed to be the only trading company that still rewards its employees with a salary plus monthly commission. Calls to Anthony Sanfilippo, executive v.p. at Knight, were relayed to Margaret Wyrwas, a spokesperson. Wyrwas said the firm does not comment on matters regarding employee compensation.

The change follows the arrival in late May of Tom Joyce, Knight's new CEO. Joyce is the former head of trading at Merrill Lynch, which employs the more typical bonus system. Joyce reportedly wants to bring Knight's compensation in line with industry standards.

Knight employees say rumors about the change in compensation have circulated within the firm for some time. Employees worry that substituting monthly commission checks based on performance for a one time year-end bonus would diminish their control over their compensation and tie their fortunes to the company's overall performance.
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