Timeline 1790-Today

click images below to read highlights

It all started with the Buttonwood Agreement in 1792. Follow this timeline to discover some of the highlights—and lowlights—that shaped our modern-day capital markets.



2001
Decimalization is implemented, and bringing an end to the two-century-old practice of trading in fractions.

In March, Knight announces the formation of Knight Roundtable Europe, with the goal of replicating its market-making business in a global context. The Roundtable is comprised of an initial consortium of 19 broker-dealers, banks and securities firms across nine countries.

In June, Knight Securities Japan—then the third largest market maker in Japan—achieves its goal of trading all eligible stocks on the JASDAQ.

On September 11, 2001, attacks by terrorists force the stock market to close for four days. It reopens on September 17.

In November, Knight Financial Products acquires specialist rights from Gateway Partners in 36 option classes at the American Stock Exchange, and 61 option classes at the Philadelphia Stock Exchange.

In December, Knight Financial Products acquires Chicago Board Options Exchange specialist rights in 24 options classes from KFT DPM. The acquisition brings the total options market-making capabilities of Knight Financial Products to approximately 570 products, which cover more than half of all equity option order flow on all five U.S. options exchanges.

2002
The Sarbanes-Oxley Act of 2002 is signed into law on July 30 by President George W. Bush. Sarbanes-Oxley promises to protect investors by improving the accuracy and reliability of corporate disclosures.

2002
In May, Knight announces its second CEO, Thomas M. Joyce. He immediately begins retooling the company’s leadership and enhancing its offerings to better serve institutional and broker-dealer clients.

2003
Knight Securities, L.P. is renamed Knight Equity Markets, L.P. effective September 1.

In December, Knight acquires Donaldson & Company, a soft dollar and commission recapture business.

2004
Knight Securities International changes its name to Knight Equity Markets International.

In June, Knight announces its intention to sell its Derivative Market business, Knight Financial Products.

In December, Knight completes the sale of the Derivatives Market business to Citigroup.

2005
In May, Knight Trading Group, Inc. changed its name to Knight Capital Group, Inc.

In June, Knight Capital Group completes acquisition of Direct Trading Institutional, a privately held firm specializing in providing institutions with direct access trading through an advanced electronic platform. Also in June, James P. Smyth was appointed Head of Broker-Dealer Client Group.

In October, Direct Edge ECN opens for trading Nasdaq NMS and small-Cap Equities.  Also in October, Knight Capital Group establishes Technical Research led by Ralph K. Acampora.

2006
In January, Knight Capital Group announces that it is to acquire Hotspot FX, Inc., which operates leading spot foreign exchange ECN platforms.

In April, Knight Capital Group completes acquisition of Hotspot FX, Inc.

In July, Knight Capital Group announces that it is to acquire Valubond, Inc., a privately held firm that provides electronic access and trade execution products for the fixed income market.

In October, Knight Capital Group completes acquisition of Valubond, Inc.

Sources: NYSE.com; NASDAQ.com, InvestorWords.com; History of the Stock Market by Bernard F. McMahon