Commentary

Tim Quast
Traders Magazine Online News

We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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April 1, 1998

At Deadline - Reuters Survey

By John A. Byrne

The 1998 Reuters Survey of mid to smaller companies ranks major professionals, funds managers and securities firms on Wall Street. More than 1,500 sell-side analysts, 1,100 publicly-listed companies and 100 fund managers responded. The survey is published by Tempest Consultants.

At an awards ceremony on April 2 at the Waldorf-Astoria, the following were ranked by listed companies at the top, in the categories noted in parenthesis: Paul Haagensen, Putnam Investments (individual fund manager); Fidelity Investments (fund management group); Merrill Lynch & Co. (broker research); Merrill Lynch & Co. (investment bank).

The following were listed at the top by fund managers, in the categories noted in parenthesis: Morgan Stanley Dean Witter & Co. (broker research); Goldman Sachs & Co. (broker sales); Morgan Stanley Dean Witter (broker products and services).

Reuters itself might easily win an award for colorful writing. "Likening the industry to a juicy doughnut, the squeeze is on," Reuters noted. "So tough is the squeeze that eight out of the top 20 ranked securities houses have changed ownership in the last year."