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Knight Breaks in New Comp Deal

Traders Magazine, September 2003

Gregory Bresiger

The Merrill Lynch influence continues to be felt at Knight Trading Group, which is led by Thomas Joyce. Joyce is a former head of trading at Merrill. Under his management, Knight's OTC traders are being paid on a salary plus bonus basis. Previously they had been paid based on a commission plus bonus system. "We're making the change because this keeps us aligned with what the rest of the Street is doing," a Knight spokeswoman told Traders Magazine. However, the new compensation structure's introduction is making some pros uneasy. Knight traders will be paid their bonus in two parts this year. "We will look at this as a transition year to the new system," the spokeswoman added.

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