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Knightmare on Wall Street, Thought-provoking and Action-filled Read for The Asian Century Report

Knightmare on Wall Street, Thought-provoking and Action-filled Read for The Asian Century Report

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Edgar Perez, Author, The Speed Traders, and Course Director, The Speed Traders Workshop 2012, 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.
Edgar Perez, Author, The Speed Traders, and Course Director, The Speed Traders Workshop 2012, 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.

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Published by: Star One Public Relations on Sep 04, 2013
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PRESS RELEASE Media Contact:
Julia PetrovaMedia Relations Coordinator Knightmare on Wall Street516-761-4712info@knightmareonwallstreet.comhttp://www.knightmareonwallstreet.com
Knightmare on Wall Street, Thought-provoking and Action-filled Readfor The Asian Century Report
Edgar Perez, Author, The Speed Traders, and Course Director, The Speed TradersWorkshop 2012, 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 (September 3,2013)
-- Popular Asian-news blog The AsianCentury Report(http://www.TheAsianCenturyReport.com)reviewed Edgar Perez's Knightmare on WallStreet, The Rise and Fall of Knight Capitaland the Biggest Risk for Financial Markets(http://www.KnightmareonWallStreet.com),and commended the author's "talent for distilling multiple threads of events andstitching them together into a seemingly singular narrative." Perez, who was recentlyinterview on Bloomberg TV by Market Makers anchors Stephanie Ruhle and ErikShatzker, "presents the [Knight Capital] story from different angles and captures thereader's attention despite using one or two financial terms hard to be immediatelyunderstood 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 Capitalannounced later a staggering loss of $440 million. What followed after this shockingannouncement were several rounds of desperate conversations with a number of vultureplayers 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 dealwith Jefferies, TD Ameritrade, Blackstone, GETCO, Stephens, and Stifel Financial, stavingoff collapse days after the trading mishap. While Knight Capital was back in the game, itslimping recovery quickly prompted hungry competitors to bid for the entire company. OnDecember 19, 2012, the board decided to accept an acquisition proposal from GETCOrather than Virtu Financial.The Asian Century Report drew a parallel between the reactions of Chinese and Americanregulators 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 toEverbright Securities, the country's seventh-largest brokerage by market value, to bebarred from most proprietary trading, lifetime professional bans for four senior managersand the resignation of the president; the China Securities Regulatory Commission alsoimposed $85 million in fines and confiscation of any illegal gains. In the case pertaining tothe U.S. equity markets, Knight Capital's own $7 billion erroneous position accumulated inthe first 28 minutes of trading of August 1, 2013, still goes unpunished by the Securitiesand Exchange Commission (SEC).In the final chapter, The Asian Century Report continues, "Perez reviews the immediateconsequences of Knight's acquisition by GETCO, a fierce competitor that participated inits rescue. There is no place for two CEOs, so [CEO Thomas] Joyce leaves, not withoutpocketing a $7.5 million payout. How could he take that much money when hisshareholders lost almost half a billion dollars? There must be something Americanregulators need to learn from China; drastic and expeditious action is one of them. It is adisturbing end to a thought-provoking and action-filled read."The author (http://www.MrEdgarPerez.com) is widely regarded as the preeminent globalexpert in the specialized area of high-frequency trading. Perez has been interviewed onSina Finance, CNBC Squawk On The Street, Bloomberg TV's Market Makers, CNN enEspañol’s Dinero, FOX Business's Countdown to the Closing Bell, CNBC WorldwideExchange, CNBC Cash Flow, CNBC Squawk Box, BNN Business Day, CCTV China,Bankier.pl, TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia BusinessTonight and Cents & Sensibilities. In addition, Perez has been globally featured onFXFactor, Columbia Business, OpenMarkets, Sohu, News.Sina.com, Yicai, eastmoney,Caijing, ETF88.com, 360doc, AH Radio, CNFOL.com, CITICS Futures, TongxinSecurities, 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, TheMalaysian 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 HetmanKyiv National Economic University (Kiev), Quant Investment & HFT Summit APAC 2012(Shanghai), U.S. Securities and Exchange Commission (Washington DC), CFASingapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences atNew York University, University of International Business and Economics (Beijing), HultInternational 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), HarvardBusiness School's Venture Capital & Private Equity Conference (Boston), High-FrequencyTrading Leaders Forum (New York, Chicago, London), MIT Sloan InvestmentManagement Conference (Cambridge), Institutional Investor's Global Growth MarketsForum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore),FIXGlobal Face2Face (Seoul) and Private Equity Convention Russia, CIS & Eurasia

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