New
York City, NY, USA (August 6, 2013) -- A book launch party and
signing is planned in New York City for Knightmare on Wall Street,
The Rise and Fall of Knight Capital and the Biggest Risk for
Financial Markets, on August 13. Now exclusively available at
http://www.KnightmareonWallStreet.com,
Knightmare on Wall Street provides a fascinating account of what it
took to elevate Knight Capital to the cusp of the retail investing
revolution of the late 1990s, to struggle through booms and busts,
and to bring the firm down, to end up ultimately being ignominiously
bought up by a competitor.
Edgar
Perez, the celebrated author of The Speed Traders
(http://www.TheSpeedTraders.com)
and global speaker on the topics of high-frequency trading (HFT) and
investing, brings again a masterpiece for the trading and investing
class with this thrilling minute-by-minute account of the terrifying
hours following its August 1, 2012 trading debacle, with
news-breaking research regarding Knight Capital’s 17 years of
tumultuous existence as an independent company.
At
9:30 A.M. on August 1, 2012, right after the markets opened for the
day, Knight Capital began issuing an unprecedented number of
erroneous orders into the market, due to an error in installing new
software. No rogue trader or regulatory change; operational risk was
passing the bill to Knight Capital and becoming the biggest risk in
the financial markets. Knight Capital announced later a staggering
loss of $440 million. What followed after this shocking announcement
were several rounds of desperate conversations with a number of
vulture players who had smelled opportunity and were readying
themselves to pick up bargain-priced pieces. On August 6, 2012, Joyce
confirmed that Knight Capital had struck a deal with Jefferies, TD
Ameritrade, Blackstone, GETCO, Stephens, and Stifel Financial,
staving off collapse days after the trading mishap.
Perez
(http://www.MrEdgarPerez.com)
is widely regarded as the preeminent global expert in the specialized
area of high-frequency trading. He is author of The Speed Traders, An
Insider’s Look at the New High-Frequency Trading Phenomenon That is
Transforming the Investing World, published in English by McGraw-Hill
Inc. (2011), published in Mandarin by China Financial Publishing
House (2012), and Investasi Super Kilat: Pandangan Orang dalam
tentang Fenomena Baru Frekuensi Tinggi yang Mentransformasi Dunia
Investasi, published in Bahasa Indonesia by Kompas Gramedia (2012).
Perez is course director of The Speed Traders Workshop, How High
Frequency Traders Leverage Profitable Strategies to Find Alpha in
Equities, Options, Futures and FX (Hong Kong, Sao Paulo, Seoul, Kuala
Lumpur, Warsaw, Kiev, New York, Singapore, Beijing, Shanghai). He
contributes to The New York Times and China’s International Finance
News and Sina Finance.
Media
Contact:
Julia
Petrova
Media
Relations Coordinator
Knightmare
on Wall Street
516-761-4712
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