Edgar
Perez, Author, The Speed Traders, and Course Director, The Speed
Traders Workshop, Introduces Knightmare on Wall Street, The Rise and
Fall of Knight Capital and the Biggest Risk for Financial Markets, a
Behind-the-scenes Look at Knight Capital's 17 years of Tumultuous
Existence as an Independent Company.
New
York City, NY, USA (August 24, 2013) -- "Market participants
appreciate visible leadership that goes beyond statements sent though
by a press office. Both individual and institutional investors would
have felt more comfortable yesterday if they had seen the SEC
chairman, Mary Jo White, discussing the NASDAQ issue and the steps
the SEC was taking to monitor their efforts to resume trading,"
said Edgar Perez, author of The Speed Traders
(http://www.TheSpeedTraders.com)
and Knightmare on Wall Street, The Rise and Fall of Knight Capital
and the Biggest Risk for Financial Markets
(http://www.KnightmareonWallStreet.com),
to CNBC's Squawk On The Street's anchors Kelly Evans and Carl
Quintanilla today. The full interview can be accessed at
http://video.cnbc.com/gallery/?play=1&video=3000193177.
As
informed by NASDAQ yesterday, price quotes were not being
disseminated by the Securities Information Processor (SIP) for three
hours. There was a connectivity issue, which led to degradation in
the ability of the SIP to disseminate consolidated quotes and trades.
After the cause of the issue, The Flash Freeze, was identified and
addressed, trading resumed at 3:25PM. While NASDAQ has promised to
work with other exchanges that are members of the SIP to investigate
the issues, their time to self-police has passed.
Readers
will discover in Knightmare on Wall Street, The Rise and Fall of
Knight Capital and the Biggest Risk for Financial Markets, a
thrilling minute-by-minute account of the terrifying hours following
Knight Capital's August 1, 2012 trading debacle, with news-breaking
research regarding the firm's 17 years of tumultuous existence as an
independent company. Knightmare on Wall Street provides a fascinating
account of what it took to elevate the firm 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.
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
was a vice president at Citigroup, a senior consultant at IBM, and a
strategy consultant at McKinsey & Co. in New York City. Perez has
an undergraduate degree from Universidad Nacional de Ingeniería,
Lima, Peru (1994), a Master of Administration from Universidad ESAN,
Lima, Peru (1997) and a Master of Business Administration from
Columbia Business School, New York, with a dual major in Finance and
Management (2002). He belongs to the Beta Gamma Sigma honor society.
Perez resides in the New York City area and is an accomplished salsa
and hustle dancer.
Media
Contact:
Julia
Petrova
Media
Relations Coordinator
Knightmare
on Wall Street
516-761-4712
No comments:
Post a Comment