Building
off of the momentum of past successful workshops, Edgar Perez is
bringing Cybersecurity Boardroom Workshop 2015, seminar specifically
designed for board members, senior executives and entrepreneurial
business professionals looking for new ways to gain and maintain
competitive business advantage in one of the most critical subjects
for corporations and governments worldwide.
New
York City, NY, USA (April 23, 2015) -- The U.S. Commodity Futures
Trading Commission (CFTC) yesterday announced the unsealing of a
civil enforcement action against UK resident Navinder Singh Sarao.
The CFTC complaint charges Sarao with "unlawfully manipulating,
attempting to manipulate, and spoofing" the E-mini S&P 500.
The complaint had been filed under seal on April 17, 2015 and kept
sealed until yesterday's arrest of Sarao by British authorities
acting at the request of the U.S. Department of Justice.
According
to the complaint, Sarao's "manipulative activities"
contributed to an extreme E-mini S&P order book imbalance that
contributed to market conditions that led to the Flash Crash on May
6, 2010. The surprising nature of this announcement raises more
questions than answers:
• Shall
we believe that a single low-tech trader living in a leafy street of
a London suburb contributed in any significant way to the Flash
Crash?
• Why
would the authorities rush to charge Sarao for the biggest financial
markets breakdown just before the statute of limitations is expiring?
• Why
would professional traders fall for the rudimentary and well-known
strategies employed by this individual and let him pocket millions?
• Would
this trader be the only market participant who engaged in this type
of strategies during the "relevant period"?
• Why
is the U.S. Securities and Exchange Commission not joining the CFTC
in this action after authoring a joint report about the Flash Crash?
• Was
Waddell & Reed behind the unnamed whistleblower in an effort to
clean its name and enhance its reputation?
• Why
did regulators have to rely on a whistleblower to build the case
having had the opportunity to pinpoint this behavior five years ago?
• Is
Waddell & Reed getting ready to sue the CFTC and SEC for hundreds
of millions of dollars in lost business and defamation?
• Why
would regulators let Sarao operate in the markets and engage in
similar trading strategies as in the Flash Crash eight more times?
• Wasn't
one Flash Crash enough to better police the markets and stop Sarao
for good?
These
ten important questions are raised by Edgar Perez, author of
Knightmare on Wall Street and The Speed Traders; in the latter
volume, Mr. Perez dedicated an entire chapter to explain the Flash
Crash, in the chapter entitled "The Real Story Behind the 'Flash
Crash'". "Who puts in a $4.1 billion order without a limit
price? The trader at Waddell & Reed showed historic incompetence.
On May 6, when markets were already under stress, the sell algorithm
chosen by the large trader and set to target only trading volume, and
neither price nor time, executed the sell program extremely rapidly
in just 20 minutes. The execution of this sell program resulted in
the largest net change in daily position of any trader in E-Minis
since the beginning of the year. This was a human mistake. The trader
easily could have put a price limit on the order but recklessly chose
not to. The sell algorithm performed exactly as it was designed. Now
that the regulators know what happened, what are they going to do? Is
there any penalty for massively disrupting the market? Are we going
to let people throw around billion dollar orders with no
understanding of market impact?"
Mr.
Perez is bringing Cybersecurity Boardroom Workshop 2015 to Dubai,
Hong Kong, Seoul, Singapore, London and New York City. Members of the
board, senior executives and entrepreneurial business professionals
of public and private firms looking for new ways to gain and maintain
competitive business advantage will congregate in each of these
cities for inspiring 2-day sessions these upcoming months of April
and May.
Mr.
Perez is a published author, business consultant for billion-dollar
private equity and hedge funds and Council Member at the Gerson
Lehrman Group, with subject matter expertise in cybersecurity,
investing, trading, financial regulation (Dodd-Frank Act) and market
structure. Mr. Perez has presented his workshops in cities around the
world, including Hong Kong, Sao Paulo, Seoul, Kuala Lumpur, Warsaw,
Kiev, New York, Singapore, Beijing and Shanghai. He contributes to
The New York Times and China's International Finance News and Sina
Finance.
ABOUT
CYBERSECURITY BOARDROOM WORKSHOP 2015
Cybersecurity
Boardroom Workshop 2015
(http://www.cybersecurityboardroomworkshop.com)
is a must-attend forum for board members, CEOs, CFOs, COOs and
executive managers who need to become more educated about cyber
security in order to ask questions that are strategic yet granular
enough to address company specifics. Cybersecurity Boardroom Workshop
2015 is targeted at corporate decision-makers for whom cybersecurity
readiness is a relatively new yet critically important area to be
intelligently conversant about.
Adobe,
ADP, E*Trade, Fidelity, Home Depot, JPMorgan Chase, Nasdaq, Neiman
Marcus, Sony, Target and Wal-mart are just a few of the large
companies that have suffered high-profile cyber security breaches.
Cybersecurity Boardroom Workshop 2015 is specifically designed for
boards of directors and senior executives of public and private firms
looking for new ways to gain and maintain their competitive
advantages. Business executives with responsibility for IT, finance,
compliance, risk management and procurement as well as entrepreneurs
and innovators are welcome to add their points of view to the debate.
ABOUT
EDGAR PEREZ
Mr.
Perez is the author of Knightmare on Wall Street, The Rise and Fall
of Knight Capital and the Biggest Risk for Financial Markets (2013),
and 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, published in Bahasa Indonesia by Kompas Gramedia (2012).
Mr.
Perez has been interviewed on CNN's Quest Means Business, CNBC's
Squawk on the Street, Worldwide Exchange, Cash Flow and Squawk Box,
FOX BUSINESS's Countdown to the Closing Bell and After the Bell,
Bloomberg TV's Market Makers, CNN en Español's Dinero, 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 featured
on 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 has been engaged to present to 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
(Shanghai) and Pace University (New York), among other public and
private institutions. In addition, Mr. Perez has spoken at a number
of global conferences, including Cyber Security World Conference 2014
(New York), Inside Market Data 2013 (Chicago), Emerging Markets
Investments Summit 2013 (Warsaw), CME Group's Global Financial
Leadership Conference 2012 (Naples Beach, FL), Harvard Business
School's Venture Capital & Private Equity Conference (Boston),
High-Frequency Trading Leaders Forum (New York, Chicago), 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).
Mr.
Perez was a vice president at Citigroup, a senior consultant at IBM,
and a strategy consultant at McKinsey & Co. in New York City.
Previously, he managed Operations and Technology for Peruval Finance.
Mr. Perez has an undergraduate degree in Systems Engineering from
Universidad Nacional de IngenierÃa, 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 resides in the New York
City area with his wife Olga, son Edgar Felipe and daughter Svetlana
Sofia.
Media
Contact:
Julia
Petrova
Media
Relations Coordinator
The
Speed Traders
+1-414-FORUMS0
