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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