Perez does a tremendous job in Knightmare on Wall Street in making the histories of all of the people and companies involved as easy to digest as possible; peg orders are arguably not an easy concept to explain. Again – excellent book.
New York, NY -- (SBWIRE) -- 09/04/2013 -- What a book! Who knew that a trading error at a Jersey City firm could end up being so interesting? One year ago, the mother of all electronic trading debacles scared Wall Street, when sophisticated trading outfit Knight Capital erroneously launched thousands of orders that led it to accumulate an impossible $7 billion position.
After catastrophic incidents like the Flash Crash, the failed Facebook IPO led by Nasdaq OMX, and BATS, the IPO that just couldn't get off the ground despite all the brainpower behind, this time was supposed to be different. Yet, as Knightmare on Wall Street's author Edgar Perez details, hubris and failed crisis management procedures made this incident particularly painful to shareholders and employees, who didn't know if the company could survive.
It is interesting to read in Knightmare on Wall Street about the true reasons for top executives not to take decisive action when CEOs are not present. It was less and less about investors and shareholders, and more about fear, egos, fees and prestige.
If the reader is not intensely interested in financial markets, he or she will likely not make it through Knightmare on Wall Street. If the reader skips CNBC or FOX Business Network or Bloomberg TV when flipping through the channels, then this book probably isn't for him or her. It would be very interesting, but the reader probably won't make it to the juicy chapters.
Does anyone on Wall Street will ever really learn anything from this debacle? While all eyes are focused on SEC's new regulations that force companies to show the impossible, the next trading debacle is lurking around, ready to storm Wall Street at the time when nobody will expect it.
Knightmare on Wall Street goes into great detail when it analyses the backstories of the main characters involved in the company starting with founders Ken Pasternak and Walter Raquet, CEO Tom Joyce (known as T.J. since his Harvard days) and vulture bidders Daniel Coleman from GETCO and Vincent Viola from Virtu. While other books lose many people early, Perez whets our appetites early by hitting the ground running in chapter one focusing on the chaos that ensued Knight’s infamous trades at the opening.
Perez does a tremendous job in making the histories of all of the people and companies involved as easy to digest as possible; peg orders are arguably not an easy concept to explain. Again - excellent book, but you have to invest some time slogging through the first 25% of Knightmare on Wall Street to get back to the action. As soon as Joyce comes back to the office after surgery and realizes the extent of the challenges ahead, all hell breaks loose and things start to get very interesting.
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