Edgar
Perez, former McKinsey and IBM consultant, is a global speaker and
author of The Speed Traders, Knightmare on Wall Street, and the
forthcoming The 11th-Hour Deal, Behind Washington's Closed Doors
During the 16-day Government Shutdown of October 2013.
New
York, NY, USA (February 10, 2014) -- Knightmare on Wall Street,
The Rise and Fall of Knight Capital and the Biggest Risk for
Financial Markets, was favorably reviewed by The Huffington Post.
"Author Edgar Perez's book is so rich in detail, so riveting,
opening with a brief history of the firm and then following with the
dramatic August 1, 2012, morning trading meltdown that it boggled
this author's mind." James Grundvig, author of the review and
CEO/Founder of CloudNician LLC, continued: "With no access to
Knight's management, he compiled all the facts to the trading
Titanic, with its many parallel story lines, avenues of deep
research, and subplots -- which savior turned suitor turned predator
-- and self-published Knightmare on its one-year anniversary in
2013." The full review can be accessed here:
http://www.huffingtonpost.com/james-grundvig/book-review-the-meltdown-_b_4719207.html.
Knightmare
on Wall Street (http://www.knightmareonwallstreet.com),
the fascinating story of Knight Capital, was also the most favorably
reviewed Kindle edition book on Amazon in 2013, with an average
rating of 5 out of five stars. Knight Capital, founded by Kenneth
Pasternak and Walter Raquet in 1995, had seen its fortunes change as
U.S. regulators made a series of changes in the structure of
financial markets and computers were progressively expanding their
share of trading. The Flash Crash, the infamous 1,000 point drop of
the DJIA on May 6, 2010 (the largest one-day point decline in
history), illustrated how market structure problems could almost
instantaneously cascade from one market participant to the rest.
Thomas
Joyce, CEO of Knight Capital since 2002 and an unapologetic advocate
of electronic trading, had been scornful of those companies that
struggled to keep up with ever-changing stock markets. So it was
certainly shocking that 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.
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. For GETCO, acquiring
Knight Capital represented a gigantic fast forward step. For Knight
Capital, it was the end of its wild ride as an independent entity.
Mr.
Perez (http://www.mredgarperez.com)
is widely regarded as the preeminent global expert in investing and
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).
Mr. 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 China's International Finance News and Sina Finance
and The New York Times.
Mr.
Perez (http://www.facebook.com/AmericasUltimateNetworker)
has been interviewed on CNBC, FOX BUSINESS, Bloomberg TV, CNN en
Español, Sina Finance, BNN's Business Day, CCTV China, Bankier.pl,
TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia's Business
Tonight and Cents & Sensibilities. In addition, Mr. 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.
Mr.
Perez (http://www.weibo.com/edgarperez)
was a vice president at Citigroup, a senior consultant at IBM,
and a strategy consultant at McKinsey & Co., the American global
management consulting firm that focuses on solving issues of concern
to senior management; the firm serves as an adviser to businesses,
governments, and institutions around the world. McKinsey is widely
considered to be the most prestigious management consulting firm in
the world, with over 100 offices in 60 countries.
Mr.
Perez (http://en.wikipedia.org/wiki/Edgar_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.
Mr. Perez (https://twitter.com/mredgarperez)
resides in the New York City metro area and is an accomplished salsa
and hustle dancer.
Media
Contact:
Julia
Petrova
Media
Relations Coordinator
Knightmare
on Wall Street
+1-414-FORUMS0
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