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 30, 1998

Fast Track

By John A Byrne

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  • Fast Track

Paul Bracco, a former sales trader at Sherwood Securities in Jersey City, joined New York retail house Sands Brothers as head of sales trading. Bracco will report to Sabin Danziger, head of capital markets for the firm.

BT Brokerage, a New York-based discount-brokerage subsidiary of Bankers Trust, promoted Ellen Bellamy-Gelman from assistant vice president to vice president of institutional trading.

Prior to its parent's announced merger with Wall Street giant Travelers Group, Citicorp Securities Services in New York appointed Glen Stifelman vice president of trading. Responsible for the firm's trading room, Stifelman joined the Citicorp subsidiary from Green Line Investor Services in New York, USA, the U.S. subsidiary of Canada's Toronto-Dominion Bank.

Citicorp also named Frederick Chapey Jr. head of global derivatives and emerging capital markets sales and trading. Chapey, based in New York, was previously head of global derivatives, and deputy head of capital markets, at Chase Manhattan Corp. in New York.

Bob Michele was named head of the U.S. fixed-income department at New York-based Schroder Capital Management. Previously a managing director and portfolio manager at Blackrock Financial Management in New York, Michele will report to Sharon Haugh, chairman of Schroeder.

Boston-based Thomson Investment Software, a provider of investment-management and operations software, promoted John Jones to global sales director. While continuing to manage the firm's U.S. sales efforts, Jones will coordinate Asian, European and South American sales management.

The Rock Island Company, parent of Rock Island Specialists and Rock Island Securities, appointed Ed Donnellan president. Donnellan joined Chicago-based Rock Island from Sanwa Futures, where he served as the Chicago firm's president. He will report to Andrew Davis, principal and chairman of Rock Island.

Rock Island also completed an acquisition of Chicago's Andover Securities. The acquisition makes Rock Island the largest specialist operation on the Chicago Stock Exchange, with over 500 assigned stocks and 20 traders.

Steve Iskalis rejoined Cleary Gull Reiland & McDevitt in Milwaukee as an institutional trader. Iskalis left Cleary Gull two years ago to join the institutional desk at Vector Securities in Dearfield, Ill.

Cleary Gull was recently acquired by Boston-based Freedom Securities.

The New York Stock Exchange named Janice Stahura O'Neill vice president of listing operations. Overseeing listing-compliance operations and corporate compliance functions, she will report to Catherine Kinney, group executive vice president. O'Neill was previously managing director of listing operations at the NYSE.

The Securities Industry Association named Scott C. Kursman assistant general counsel. Acting as staff adviser to the SIA's Capital Markets Committee and co-adviser to the Federal Regulation Committee, he will report to Stuart Kaswell, SIA general counsel. Kursman is a former assistant general counsel at New Yortk-based Prudential Securities, and an attorney for the Securities and Exchange Commission.

Andrew Fishkind joined B-Trade Services - a New York-based, wholly-owned subsidiary of The Bank of New York - as director of client services. B-Trade provides execution and clearing systems for Bloomberg Tradebook. Fishkind had previously spent most of his career with Instinet in New York, most recently serving as vice president of international equities.