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Edgar Perez Leads High-Frequency and Electronic Trading Workshop in Kuala Lumpur, Malaysia on June 5

June 3, 2015 staronepr Leave a comment

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.

Media Contact:
Taylor Blankfein
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
information@goldennetworking.net
http://www.goldennetworking.net

Business, Financial

Ten Questions by Edgar Perez about Navinder Singh Sarao, the Man who Allegedly Caused the Flash Crash

April 24, 2015 staronepr Leave a comment

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).

Media Contact:
Julia Petrova
Media Relations Coordinator
The Speed Traders
+1-414-FORUMS0
msjuliapetrova@aol.com
http://www.mredgarperez.com

Business

High-frequency Traders Reassessing Strategies on Flash Crash Anniversary at The Speed Traders Workshop 2014 New York City with Edgar Perez

May 2, 2014 staronepr Leave a comment

Edgar Perez, former McKinsey and IBM consultant, is a global expert, author of The Speed Traders, Knightmare on Wall Street, and the course director of The Speed Traders Workshop, “How Banks, Hedge and Mutual Funds and Brokers Battle Markets ‘RIGGED’ by Wall Street’s ‘Flash Boys’, High-frequency Trading, Exchanges and Dark Pools”, in New York City, Washington DC, Boston, Munich, London, Dubai, Brussels, Tokyo, Beijing and Shanghai.

New York, NY, USA (May 1, 2014) — The Flash Crash of May 6, 2010, was a stock market anomaly where the major market indexes dropped by over 9% (including a roughly 7% decline in a roughly 15 minute span at approximately 2:45 pm eastern time before a partial rebound. Temporarily, $1 trillion in market value disappeared. While stock markets do crash, immediate rebounds are unprecedented. The stocks of eight major companies in the S&P 500 fell to one cent per share for a short time, including Accenture, CenterPoint Energy and Exelon; while other stocks, including Sotheby’s, Apple, and Hewlett-Packard, increased in value to over $100,000 in price. Procter & Gamble in particular dropped nearly 37% before rebounding, within minutes, back to near its original levels.

As we get closer to May 6, the fourth anniversary of this singular episode, high-frequency traders will reassess their strategies at The Speed Traders Workshop, “How Banks, Hedge and Mutual Funds and Brokers Battle Markets ‘RIGGED’ by Wall Street’s ‘Flash Boys’, High-frequency Trading, Exchanges and Dark Pools” (http://www.thespeedtradersworkshop.com), led by expert Edgar Perez, author of Knightmare on Wall Street (http://www.knightmareonwallstreet.com). This seminar 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, to be held in New York City, Washington DC, Boston, Munich, London, Dubai, Brussels, Tokyo, Beijing and Shanghai, covers 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.

Global scrutiny of high-frequency trading and whether it gives some investors unfair advantage has intensified amid government probes and the March 31, 2014 publication of “Flash Boys” by Michael Lewis. While those examinations have focused mostly on U.S. equity markets, such as dark pools run by banks and broker-dealers and exchanges owned by companies including Nasdaq OMX, IntercontinentalExchange Group’s NYSE Euronext and Bats Global Markets, high-frequency traders are active internationally in futures, FX and fixed income markets, as they also run multi-asset strategies.

High-frequency traders have been called many things, from emerging masters of the universe and market pioneers to exploiters, computer geeks, and even predators and thieves. 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.

Edgar Perez is widely regarded as the preeminent global expert and speaker in the specialized areas of algorithmic and high-frequency trading. He is author of Knightmare on Wall Street, The Rise and Fall of Knight Capital and the Biggest Risk for Financial Markets (2013), a minute-by-minute account of the terrifying hours following Knight Capital’s August 1, 2012 trading debacle, 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). He contributes to The New York Times, UltraHighFrequencyTrading.com and China’s International Finance News and Sina Finance.

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 globally featured on WILS 1320’s Capital City Recap, 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 has been engaged to present at 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 (London and 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 Inside Market Data 2013 (Chicago), Emerging Markets Investments Summit 2013 (Warsaw), CME Group’s Global Financial Leadership Conference 2012 (Naples Beach), Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago, London), 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. Mr. 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.

Media Contact:
Julia Petrova
Media Relations Coordinator
Knightmare on Wall Street
+1-414-FORUMS0
info@knightmareonwallstreet.com
http://www.knightmareonwallstreet.com

Business, Financial

Why Stock Market Not Rigged by High-frequency Trading at The Speed Traders Workshop 2014

April 28, 2014 staronepr Leave a comment

New York, NY, USA (April 28, 2014) — Michael Lewis, the famous Liar’s Poker author, couldn’t have timed Flash Boys better if he’d tried. His blockbuster new book about high-frequency trading came out in a blaze of publicity during exactly the same week as a little-known Wall Street company named Virtu was scheduled to start marketing its initial public offering of shares, according to Reuters’ Felix Salmon. For him, Flash Boys is unapologetically polemical: The New York Times reviewed it twice on the day it came out, with Andrew Ross Sorkin calling it a “a make-your-blood-boil read” and Janet Maslin saying that it “is guaranteed to make blood boil.”

According to Salmon, Lewis’ pugnacious style is fine and good-journalism should make you angry. But the problem with Flash Boys, he claims, is that the demands that master storyteller Lewis makes of his narrative don’t align well with the structural problems of HFT that Lewis the journalist should want to expose. The result is that the general public, after reading this book or watching Lewis on 60 Minutes, will think that the scandal of HFT is that they’re being ripped off, and that the stock market is a scam.

The Speed Traders Workshop, “How Banks, Hedge and Mutual Funds and Brokers Battle Markets ‘RIGGED’ by Wall Street’s ‘Flash Boys’, High-frequency Trading, Exchanges and Dark Pools” (http://www.thespeedtradersworkshop.com), demonstrates why neither of these statements is true. The Speed Traders Workshop is the first and most comprehensive initiation to the world of high-frequency trading with Edgar Perez, author of Knightmare on Wall Street (http://www.knightmareonwallstreet.com), and 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.

Media Contact:
Julia Petrova
Media Relations Coordinator
Knightmare on Wall Street
+1-414-FORUMS0
info@knightmareonwallstreet.com
http://www.knightmareonwallstreet.com

Business, Financial

Evolution of Securities Investing at High-frequency Trading Workshop in New York City

April 28, 2014 staronepr Leave a comment

New York, NY, USA (April 28, 2014) — The development of federal securities law was spurred by the stock market crash of 1929, and the resulting Great Depression. In the period leading up to the stock market crash, companies issued stock and enthusiastically promoted the value of their company to induce investors to purchase those securities. Doesn’t’ that sound eerily familiar to investors at the beginning of the Internet era?

Brokers in turn sold this stock to investors based on promises of large profits but with little disclosure of relevant information about the company. In many cases, the promises made by companies and brokers had little or no substantive basis, or were wholly fraudulent. With thousands of investors buying up stock in hopes of huge profits, the market was in a state of speculative frenzy that ended in October 1929, when the market crashed as panicky investors sold off their investments en masse.

Fast forward 85 years and practitioners can review how far markets have gone at The Speed Traders Workshop, “How Banks, Hedge and Mutual Funds and Brokers Battle Markets ‘RIGGED’ by Wall Street’s ‘Flash Boys’, High-frequency Trading, Exchanges and Dark Pools” (http://www.thespeedtradersworkshop.com), the first and most comprehensive initiation to the world of high-frequency trading with Edgar Perez, author of Knightmare on Wall Street (http://www.knightmareonwallstreet.com). The Speed Traders Workshop 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.

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 globally featured on WILS 1320’s Capital City Recap, 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.

Media Contact:
Julia Petrova
Media Relations Coordinator
Knightmare on Wall Street
+1-414-FORUMS0
info@knightmareonwallstreet.com
http://www.knightmareonwallstreet.com

Business

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

September 4, 2013 staronepr Leave a comment

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.

New York City, NY, USA (September 3, 2013) — Popular Asian-news blog The Asian Century Report (http://www.TheAsianCenturyReport.com) reviewed Edgar Perez’s Knightmare on Wall Street, The Rise and Fall of Knight Capital and the Biggest Risk for Financial Markets (http://www.KnightmareonWallStreet.com), and commended the author’s “talent for distilling multiple threads of events and stitching them together into a seemingly singular narrative.” Perez, who was recently interview on Bloomberg TV by Market Makers anchors Stephanie Ruhle and Erik Shatzker, “presents the [Knight Capital] story from different angles and captures the reader’s attention despite using one or two financial terms hard to be immediately understood 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 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.

The Asian Century Report drew a parallel between the reactions of Chinese and American regulators 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 to Everbright Securities, the country’s seventh-largest brokerage by market value, to be barred from most proprietary trading, lifetime professional bans for four senior managers and the resignation of the president; the China Securities Regulatory Commission also imposed $85 million in fines and confiscation of any illegal gains. In the case pertaining to the U.S. equity markets, Knight Capital’s own $7 billion erroneous position accumulated in the first 28 minutes of trading of August 1, 2013, still goes unpunished by the Securities and Exchange Commission (SEC).

In the final chapter, The Asian Century Report continues, “Perez reviews the immediate consequences of Knight’s acquisition by GETCO, a fierce competitor that participated in its rescue. There is no place for two CEOs, so [CEO Thomas] Joyce leaves, not without pocketing a $7.5 million payout. How could he take that much money when his shareholders lost almost half a billion dollars? There must be something American regulators need to learn from China; drastic and expeditious action is one of them. It is a disturbing end to a thought-provoking and action-filled read.”

The author (http://www.MrEdgarPerez.com) is widely regarded as the preeminent global expert in the specialized area of high-frequency trading. Perez has been interviewed on Sina Finance, CNBC Squawk On The Street, Bloomberg TV’s Market Makers, CNN en Español’s Dinero, FOX Business’s Countdown to the Closing Bell, CNBC Worldwide Exchange, CNBC Cash Flow, CNBC Squawk Box, BNN Business Day, CCTV China, Bankier.pl, TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia Business Tonight and Cents & Sensibilities. In addition, 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.

Perez has been engaged to present at 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 (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), Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago, London), 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).

Perez was a vice president at Citigroup, a senior consultant at IBM, and a strategy consultant at McKinsey & Co. in New York City. 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. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.

Media Contact:
Julia Petrova
Media Relations Coordinator
Knightmare on Wall Street
516-761-4712
info@knightmareonwallstreet.com
http://www.knightmareonwallstreet.com

Business

Founding CFO Calls Knightmare on Wall Street ‘a Fascinating Account of the Rise and Fall of Knight’

September 4, 2013 staronepr Leave a comment

Edgar Perez, Author, The Speed Traders, and Course Director, The Speed Traders Workshop, 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) — Robert Turner, founding Chief Financial Officer, Executive Vice President, Treasurer and Director of Knight Capital, calls Edgar Perez’s Knightmare on Wall Street, The Rise and Fall of Knight Capital and the Biggest Risk for Financial Markets (http://www.KnightmareonWallStreet.com), “a fascinating account of the rise and fall of Knight.” Perez, recently interviewed on CNBC’s Squawk On The Street by anchors Kelly Evans and Carl Quintanilla, released Knightmare on Wall Street on August 1, 2013, the day of the first anniversary of the trading debacle that almost brought down the firm.

In the heartfelt note available at http://www.MrEdgarPerez.com, Turner wrote to Perez: “I recently purchased Knightmare on Wall Street on Kindle and I congratulate you on a fascinating account of the rise and fall of Knight. Your book has particular meaning for me in that I was the founding CFO, Executive Vice President, Treasurer and Director of Knight from 1995 to 2003. Wishing you much success on this publication.”

Perez (http://www.MrEdgarPerez.com) is widely regarded as the preeminent global expert in the specialized area of high-frequency trading. Perez has been interviewed on Sina Finance, CNBC Squawk On The Street, Bloomberg TV’s Market Makers, CNN en Español’s Dinero, FOX Business’s Countdown to the Closing Bell, CNBC Worldwide Exchange, CNBC Cash Flow, CNBC Squawk Box, BNN Business Day, CCTV China, Bankier.pl, TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia Business Tonight and Cents & Sensibilities.

In addition, 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.

He 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), Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago, London), 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).

Media Contact:
Julia Petrova
Media Relations Coordinator
Knightmare on Wall Street
516-761-4712
info@knightmareonwallstreet.com
http://www.knightmareonwallstreet.com

Business

How High Is High-Frequency Trading at Tech2Trade Expo 2013 New York City, World Financial Center

July 12, 2013 staronepr Leave a comment

Golden Networking brings Tech2Trade Expo 2013 (www.Tech2TradeExpo.com), World’s Most Influential Alternative Investments Conference Series, including High Frequency Trading Leaders Forum 2013, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges,” New York City, London, Chicago, Singapore and Frankfurt (www.High-Frequency-Trading-Conference.com).

New York City, NY, USA (July 12, 2013) — PBS News Hour just reviewed high-frequency trading, which represents more than half of all transactions of American stocks these days; but just how fast is high-frequency? So fast, it turns out, that data companies now provide financial data to their most premium subscribers early — as little as two milliseconds early in the case of a $20,000-per-month service the Nasdaq and Chicago Mercantile Exchange debuted in May using microwave networks. That time difference is enough to gain quite the financial advantage.

One key data provider, Thomson Reuters, announced this week it was suspending its 9:54:58 a.m. release of the University of Michigan’s consumer confidence data to about a dozen premium subscribers (not to be confused with those regular money management customers who pay to receive the data at 9:55 a.m., a measly five minutes before the University of Michigan posts the consumer confidence index online) while New York Attorney General Eric Schneiderman investigates the practice.

Thomson Reuters maintains that their 9:54:58 a.m. release, for which some clients pay more than $6,000 a month, does not violate federal insider trading laws since they disclose the tiered pricing to all customers.

So how and why do traders capitalize on those all-important two seconds? That is a topic of discussion at High Frequency Trading Leaders Forum 2013 New York City, July 30th, as part of Tech2Trade Expo 2013 New York City (http://www.Tech2TradeExpo.com), at the World Financial Center.

Golden Networking’s High Frequency Trading Leaders Forum 2013 will examine the speed trading industry from various angles, in an opened and unbiased environment highly conducive to networking. Topics to be discussed at High Frequency Trading Leaders Forum 2013 will include:

– Low Latency: How can Ultra-Low Latency be Achieved for High-Frequency Trading?
– Emerging Markets: How will Emerging Markets from Brazil to China Affect the Scope of High-frequency Trading?
– Robotic Markets: As High-frequency Trading Embraces Robotic Markets Worldwide, How Will Participants be Able to Find new Opportunities to Sustain Alpha Creation?
– Regulatory Impact: With High-frequency Trading in the Spotlight, how will New Regulations Change the Industry?
– The Future of HFT: How will High-frequency Trading Evolve in Ever-changing Technology and Regulatory Environments?

Tech2Trade Expo 2013, to be held in New York City, London, Chicago, Singapore and Frankfurt, is the world’s most influential alternative investments forum for the hedge fund, high-frequency trading and derivatives communities. With dozens of practitioners, experts and regulators speaking in our programs, Tech2Trade Expo 2013 provides hundreds of investors, traders and portfolio managers with the key lessons, proven recipes and penetrating insights they are looking for to capture alpha in up and down markets:

– Alexander Fleiss, CIO and Co-Founder, Rebellion Research
– Thomas Kirchner, President, Pennsylvania Avenue Funds
– Jitesh Thakkar, President, Edge Financial Technologies
– James Koutoulas, CEO, Typhon Capital Management
– Sayena Mostowfi, Senior Analyst, The Tabb Group
– Marcus Storr, Head of Hedge Funds, Feri Institutional
– Carol Clark, Sr. Policy Specialist, Federal Reserve Bank of Chicago
– R. Scott Morris, President, Morris Consulting
– Nimesh Bharadia, CEO and Founder, The Kaiman Group
– Alison Graham, Chief Investment Officer, Voltan Capital Management
– Jonathan Kanterman, Partner, Institutional Asset Advisors
– Matthew Magidson, Partner, Lowenstein Sandler PC
– V.J. Angelo, Director, Global Markets Exchange Group
– Sanjeev Sharma, Contributing Writer, SeekingAlpha.com
– Dr. Juan Pablo Pardo-Guerra, Lecturer, London School of Economics
– Kieron O’Brien, Director, Rosenblatt Group
– Sanjay Awasthi, Director, East Spring Investments
– Scott Nichols, Director of Trading, Rotella Capital
– Dr. Tommi A. Vuorenmaa, Head of Research and Trading, Valo Research and Trading
– Sam Tyfield, Partner, Vedder Price
– Hendrik Klein, Head Portfolio Manager, Da Vinci Invest AG
– Bill Barry, Former Managing Director, Knight Capital
– Dan Keegan, Options Instructor and Head Options Mentor, The Chicago School of Trading
– Ram Ahluwalia, Portfolio Manager, Winged Foot Capital
– Dr. Walter Distaso, Professor of Financial Econometrics, Imperial College London
– Edgar Perez, Author, The Speed Traders
– Robert Cohen, Assistant Director, U.S. Securities and Exchange Commission
– Morgan Hill, Chief Operating Officer, Attis Capital
– Daniel Gramza, President, Gramza Capital Management

High Frequency Trading Leaders Forum 2013 is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors. Panelists, speakers and sponsors are invited to download our Information Package or contact Golden Networking directly by calling +1-414-FORUMS0 or sending an email to information@goldennetworking.net.

Media Contact:
Julia Petrova
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
jpetrova@goldennetworking.net
http://www.goldennetworking.net

Business

Tech2Trade Expo 2013 New York City to Discuss HFT not Driving Investors from the Stock Market

July 12, 2013 staronepr Leave a comment

New York City, NY, USA (July 12, 2013) — For a long time, only a tiny group of folks like me cared about the structures through which investors’ orders to buy and sell stocks and other financial instruments were actually traded. Lately, that has changed, as it will be noted at High Frequency Trading Leaders Forum 2013 New York City, July 30th, as part of Tech2Trade Expo 2013 New York City (http://www.Tech2TradeExpo.com).

According to a Financial Times op-ed, a few years ago, during the peak of the financial crisis, the rest of the world started waking up to what my fellow geeks and I had long known: US equity market structure had undergone a vast, long-term transformation – from a simple, mostly manual system to an extraordinarily complex, highly automated one – and that this metamorphosis was spreading to other markets globally.

Once relegated to obscure trade journals and dry industry conferences, market structure is now front-page news. And that coverage tends to focus on episodes in which technology fails: the 2010 “flash crash” in US markets and, in 2012, the aborted initial public offering of exchange company BATS Global Markets, systems troubles that affected the Facebook IPO and a software glitch at Knight Capital Group.

News stories, blogs and social media posts refer ominously to such incidents and, generally, to high-frequency trading, as seriously damaging investor confidence. The average reader could be forgiven for thinking that worries over HFT and modern market structure are driving mom-and-pop investors from the stock market in droves, like so many terrified villagers in a Godzilla film.

Justin Schack, managing director and partner at Rosenblatt Securities in New York, agrees that today’s structure may not be pretty, and elements of it surely need fixing, but it wound up delivering better outcomes for end investors than what it replaced. Transaction cost data from multiple vendors show that institutional investors can implement ideas far more cheaply today than before the transformation. This includes not just exchange fees and broker commissions, but also the price impact of large trades hitting the market. New, fundamental changes to market-structure regulation could trigger another transformative cycle, with no guarantee that investor outcomes would improve in the end.

Media Contact:
Julia Petrova
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
jpetrova@goldennetworking.net
http://www.goldennetworking.net

Business

The Rise of the Machines at Tech2Trade Expo 2013’s High-Frequency Trading Leaders Forum 2013 New York

July 12, 2013 staronepr Leave a comment

New York City, NY, USA (July 12, 2013) — In the 17th century, it is said that the Rothschilds were able to balance stock markets in their favor by flying carrier pigeons to relay information before their peers. Today’s equivalent is high-frequency trading, the main topic of discussion at High Frequency Trading Leaders Forum 2013 New York City, July 30th, as part of Tech2Trade Expo 2013 New York City (http://www.Tech2TradeExpo.com).

According to Public Service Europe, HFT creates extreme market volatility and has even resulted in a ‘flash crash’. On May 6, 2010, US index the Dow Jones plunged 1,000 points – or 9 per cent of its total – only to recover those losses within minutes. This shock was a direct result of HFT. And the sequence of events was triggered by a single sale of $4.1bn in futures contracts by a mutual, in an aggressive attempt to hedge its investment position. This was quickly magnified by HFTs, creating a snowball effect.

Not only that, the limited uses for such a trading device are simply to pump up pension funds or to create greater wealth for the super-rich. All this without truly investing in a productive asset – a company that might make a difference to wider society. Any integrity markets might have once had now lies in tatters.

At this precise moment, the world of HFT is analogous to a frontier town. Only this time, it is not humans displaying wild west-style behavior but the machines we have created. The flash crash of 2010 was a wake-up call. However, it seems the regulators are still asleep and we all know where that leads – circa the 2008 global economic crisis we are still coming to terms with today. Perhaps, carrier pigeons were not such a bad idea after all.

Media Contact:
Julia Petrova
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
jpetrova@goldennetworking.net
http://www.goldennetworking.net