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Tim Quast
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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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June 30, 1998

At Deadline - Merger

By John A. Byrne

As the American Stock Exchange plans its merger with the Philadelphia Stock Exchange (PHLX), an AMEX spokesman said the National Association of Securities Dealers will be "very involved" in any integration of the two listed exchanges.

"Now that our membership approved the merger with the NASD," the AMEX spokesman said, "the PHLX and the AMEX would both be subsidiaries of the NASD."

The spokesman added that any plans are speculative, as neither merger has gained full approval.

In March, the NASD and the AMEX announced their intention to merge. On June 25, in a vote of 622 to 206, AMEX membership approved the deal. The merger is still subject to approval by the Securities and Exchange Commission and the Department of Justice.

On June 9, meanwhile, the PHLX announced its intention to join the merger between the NASD and the AMEX.

To prepare for the proposed merger, the AMEX and the PHLX formed a ten-person committee to study how the two exchanges should be integrated. The panel is expected to make recommendations this fall.