New
York City, NY, USA (September 3, 2013) -- Popular Asian-news blog
The Asian Century Report (www.TheAsianCenturyReport.com)
reviewed Edgar Perez's Knightmare on Wall Street, The Rise and Fall
of Knight Capital and the Biggest Risk for Financial Markets
(www.KnightmareonWallStreet.com),
and commended the author's "talent for distilling multiple
threads of events and stitching them together into a seemingly
singular narrative." Perez, who was recently interview on
Bloomberg TV by Market Makers anchors Stephanie Ruhle and Erik
Shatzker, "presents the [Knight Capital] story from different
angles and captures the reader's attention despite using one or two
financial terms hard to be immediately understood by the layperson."
Knight
Capital announced on August 1, 2012, it had sent an unprecedented
number of erroneous orders into the market due to an error in
installing new software. 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. While Knight
Capital was back in the game, its limping recovery quickly prompted
hungry competitors to bid for the entire company. On December 19,
2012, the board decided to accept an acquisition proposal from GETCO
rather than Virtu Financial.
The
Asian Century Report drew a parallel between the reactions of Chinese
and American regulators to incidents that dramatically impacted their
respective equity markets. In the case of China, $3.8 billion of
erroneous purchase orders on August 16, 2013, led to Everbright
Securities, the country's seventh-largest brokerage by market value,
to be barred from most proprietary trading, lifetime professional
bans for four senior managers and the resignation of the president;
the China Securities Regulatory Commission also imposed $85 million
in fines and confiscation of any illegal gains. In the case
pertaining to the U.S. equity markets, Knight Capital's own $7
billion erroneous position accumulated in the first 28 minutes of
trading of August 1, 2013, still goes unpunished by the Securities
and Exchange Commission (SEC).
In
the final chapter, The Asian Century Report continues, "Perez
reviews the immediate consequences of Knight's acquisition by GETCO,
a fierce competitor that participated in its rescue. There is no
place for two CEOs, so [CEO Thomas] Joyce leaves, not without
pocketing a $7.5 million payout. How could he take that much money
when his shareholders lost almost half a billion dollars? There must
be something American regulators need to learn from China; drastic
and expeditious action is one of them. It is a disturbing end to a
thought-provoking and action-filled read."
The
author (http://www.MrEdgarPerez.com)
is widely regarded as the preeminent global expert in the specialized
area of high-frequency trading. Perez has been interviewed on Sina
Finance, CNBC Squawk On The Street, Bloomberg TV's Market Makers, CNN
en Español’s Dinero, FOX Business's Countdown to the Closing Bell,
CNBC Worldwide Exchange, CNBC Cash Flow, CNBC Squawk Box, BNN
Business Day, CCTV China, Bankier.pl, TheStreet.com, Leaderonomics,
GPW Media, Channel NewsAsia Business Tonight and Cents &
Sensibilities. In addition, Perez has been globally featured on
FXFactor, Columbia Business, OpenMarkets, Sohu, News.Sina.com, Yicai,
eastmoney, Caijing, ETF88.com, 360doc, AH Radio, CNFOL.com, CITICS
Futures, Tongxin Securities, ZhiCheng.com, CBNweek.com, Caixin,
Futures Daily, Xinhua, CBN Newswire, Chinese Financial News,
ifeng.com, International Finance News, hexun.com, Finance.QQ.com,
Finance.Sina.com, The Korea Times, The Korea Herald, The Star, The
Malaysian Insider, BMF 89.9, iMoney Hong Kong, CNBC, Bloomberg Hedge
Fund Brief, The Wall Street Journal, The New York Times, Dallas
Morning News, Valor Econômico, FIXGlobal Trading, TODAY Online,
Oriental Daily News and Business Times.
Perez
has been engaged to present at the Council on Foreign Relations,
Vadym Hetman Kyiv National Economic University (Kiev), Quant
Investment & HFT Summit APAC 2012 (Shanghai), U.S. Securities and
Exchange Commission (Washington DC), CFA Singapore, Hong Kong
Securities Institute, Courant Institute of Mathematical Sciences at
New York University, University of International Business and
Economics (Beijing), Hult International Business School (London and
Shanghai) and Pace University (New York), among other public and
private institutions. In addition, Perez has spoken at a number of
global conferences, including Emerging Markets Investments Summit
2013 (Warsaw), CME Group's Global Financial Leadership Conference
2012 (Naples Beach), Harvard Business School's Venture Capital &
Private Equity Conference (Boston), High-Frequency Trading Leaders
Forum (New York, Chicago, London), MIT Sloan Investment Management
Conference (Cambridge), Institutional Investor's Global Growth
Markets Forum (London), Technical Analysis Society (Singapore),
TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and Private
Equity Convention Russia, CIS & Eurasia (London).
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
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