Edgar
Perez, Columbia Business School MBA and former McKinsey and IBM
consultant, is a global electronic trading and cybersecurity expert,
author of The Speed Traders, Knightmare on Wall Street, and the
course director of The Speed Traders Workshop 2015 Kuala Lumpur, "How
Banks, Hedge and Mutual Funds and Brokers Battle Markets 'RIGGED' by
Wall Street's 'Flash Boys', High-frequency Trading, Exchanges and
Dark Pools".
New
York City, NY, USA (June 3, 2015) -- According to the Financial
Times, Bursa Malaysia and the Stock Exchange of Thailand (SET) have
both been upgrading their trading systems in recent months to
accommodate electronic traders and make it easier for foreigners to
trade their markets, including high-frequency traders. Bursa Malaysia
has reported in the past growth in the daily average number of
contracts traded, in part due to what it said was an "outreach"
to high-frequency traders. "We will continue our efforts in
offering more tradable alternatives and improving market structure
and framework. All these will support our initiatives in expanding
our regional presence and in taking us a step closer to being Asean's
multinational marketplace," said a spokesperson for Bursa
Malaysia.
Cybersecurity
and electronic trading expert Edgar Perez, author of The Speed
Traders (http://www.thespeedtraders.com)
and Knightmare on Wall Street (http://www.knightmareonwallstreet.com)
will open the door to the secretive world of computerized low-latency
trading, the most controversial form of investing today; in the name
of protecting the algorithms they have spent so much time perfecting,
speed traders almost never talk to the press and try to disclose as
little as possible about how they operate. The Speed Traders Workshop
2015 Kuala Lumpur, "How Banks, Hedge and Mutual Funds and
Brokers Battle Markets 'RIGGED' by Wall Street's 'Flash Boys',
High-frequency Trading, Exchanges and Dark Pools", is the first
and most comprehensive initiation to the world of high-frequency
trading with The Speed Traders Workshop 2015 Kuala Lumpur
(http://www.thespeedtradersworkshop.com)
this June 5 will cover the latest research currently available and
reveals how high-frequency trading players are operating in global
markets and driving the development of electronic trading at
breakneck speeds from the U.S. and Europe to Japan, India, and
Brazil. The "flash crash", the suspended BATS IPO, the
botched Facebook IPO, Knight Capital's trading malfunction and
NASDAQ's Flash Freeze are just a few of the milestones in the history
of high-frequency trading that will be dissected with participants.
ABOUT
KNIGHTMARE ON WALL STREET
Knightmare
on Wall Street, The Rise and Fall of Knight Capital and the Biggest
Risk for Financial Markets is 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 is the definitive behind-the-scenes story of Knight
Capital.
The
firm, 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.
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.
ABOUT
THE SPEED TRADERS
High-frequency
traders have been called many things-from masters of the universe and
market pioneers to exploiters, computer geeks, and even predators.
Everyone in the business of investing has an opinion of speed
traders, but how many really understand how they operate? The shadow
people of the investing world, today's high-frequency traders have
decidedly kept a low profile-until now. In this new title, The Speed
Traders, Edgar Perez opens the door to the secretive world of
high-frequency trading (HFT). Inside, prominent figures of HFT drop
their guard and speak with unprecedented candidness about their
trade.
Edgar
begins with an overview of computerized trading, which formally began
on February 8, 1971, when NASDAQ launched the world's first
electronic market with 2,500 over-the-counter stocks and which has
evolved into the present-day practice of making multiple trades in a
matter of microseconds. He then picks the brains of today's top
players. Manoj Narang (Tradeworx), John Netto (M3 Capital), and Aaron
Lebovitz (Infinium Capital Management) are just a few of the
luminaries who decided to break their silence and speak openly to
Edgar. Virtually all of the expertise available from the world of
speed trading is packed into these pages.
The
Speed Traders, published by McGraw-Hill Inc., is the most
comprehensive, revealing work available on the most important
development in trading in generations. High-frequency trading will no
doubt play an ever larger role as computer technology advances and
the global exchanges embrace fast electronic access. The Speed
Traders explains everything there is to know about how today's
high-frequency traders make millions-one cent at a time.
ABOUT
ELECTRONIC TRADING AND CYBERSECURITY EXPERT 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 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 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 resides in the New York
City area with his wife Olga, son Edgar Felipe and daughter Svetlana
Sofia.
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