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Loss of $104M in Q2 for KCG Holdings, Knight Capital and GETCO, Star of Knightmare on Wall Street

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Loss of $104M in Q2 for KCG Holdings, Knight Capital and GETCO, Star of Knightmare on Wall Street Powered By Docstoc
					PRESS RELEASE                                      Media Contact:
                                                   Julia Petrova
                                                   Media Relations Coordinator
                                                   Knightmare on Wall Street
                                                   516-761-4712
                                                   info@knightmareonwallstreet.com
                                                   http://www.knightmareonwallstreet.com

 Loss of $104M in Q2 for KCG Holdings, Knight Capital and GETCO,
                 Star of Knightmare on Wall Street

 Edgar Perez, Author, The Speed Traders, and Course Director, The Speed Traders
 Workshop 2012, Proudly 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 (August 13, 2013) --
                                   Bloomberg reported that Getco and Knight Capital lost
                                   money last quarter as the trading firms were completing
                                   a merger prompted by Knight's brush with bankruptcy a
                                   year ago. KCG Holdings, as the firm formed by the July
                                   1 union is known, said in a statement that Getco's
                                   second-quarter net loss totaled $72.9 million and
                                   Knight's loss was $30.8 million. Getco's sales fell 16
                                   percent from a year earlier to $118 million, while
                                   Knight's revenue rose 25 percent to $315 million.

                                    Excluding $61 million in expenses related to the merger
                                    along with writedowns, restructuring charges and
                                    finance commitment fees, Getco's pretax loss was $8.9
                                    million. Getco's market-making unit produced a loss of
                                    $2 million on $118 million in revenue, compared with
                                    profit of $9.7 million and sales of $136 million a year
earlier. The execution-services business, which provides trading services to clients,
improved revenue from a year earlier while posting a bigger loss. Sales rose 41 percent to
$13 million, and the loss widened to $2.9 million from $1.5 million. Knight's market-making
profit amounted to $50 million in the second quarter, an increase from $5.9 million a year
earlier.

Edgar Perez, the celebrated author of The Speed Traders, just released Knightmare on
Wall Street, The Rise and Fall of Knight Capital and the Biggest Risk for Financial
Markets, exclusively available at http://www.KnightmareonWallStreet.com, book that
provides a thrilling minute-by-minute account of the terrifying hours following their August
1, 2012 trading debacle, with news-breaking research regarding Knight Capital's 17 years
of tumultuous existence as an independent company.
"The book 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 readers' 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 readers have to invest some time slogging through the
first 25% of the book 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 exciting again."

Perez is widely regarded as the preeminent global expert in the specialized area of high-
frequency trading. He is author of 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). Perez is course director of The Speed Traders
Workshop, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in
Equities, Options, Futures and FX (Hong Kong, Sao Paulo, Seoul, Kuala Lumpur,
Warsaw, Kiev, New York, Singapore, Beijing, Shanghai). He contributes to The New York
Times and China's International Finance News and Sina Finance.

-Ends-

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