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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July 31, 1998

Fast Track

By John A. Byrne

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  • Fast Track

Nash, Weiss & Co. hired four institutional sales traders to work in the Jersey City-based firm's new institutional department. Paul O'Hara, Thomas Fradella Sr., Robert Burns and Thomas F. Fradella all former sales traders at Mayer & Schweitzer in Jersey City will report to Neil Feldman, Nash Weiss president and chief executive, and James J. Welsh, a Nash Weiss executive vice president.

Additionally, Robert Lichtenthal joined Nash Weiss as a senior trader. Lichtenthal, most recently an equity trader at Herzog, Heine, Geduld in Jersey City, will also report to Feldman and Welsh.

Willie Walters and Cindy Heigman joined the institutional sales desk at Hanifen, Imhoff in Denver as sales trades. Walters was previously head of the Nasdaq trading desk at Branch Cabell & Co. in Richmond, and Heigman was a sales trader at CIBC Oppenheimer & Co. in New York before joining Hanifen Imhoff. They will report to Chris DiIorio, head of the equity sales desk.

The Boston Stock Exchange (BSE) promoted four employees: Anthony K. Stankiewicz, Nicole J. Kalicki, Bruce G. Goodhue and Katherine T. Gitto.

Stankiewicz added the role of corporate secretary to his previous responsibilities as vice president of government relations, listings and member services at the exchange. Kalicki, most recently manager of corporate communications, was named an exchange officer and assistant vice president of corporate communications. Formerly a listings administrator, Goodhue was promoted to manager of listings. And Gitto was named market-information specialist. She was previously an administrative assistant at the BSE.

Rich Angle joined Brink, Hudson & Lefever in Vancouver as head of the foreign trading desk. Angle was previously head of the U.S. trading desk at Georgia Pacific Securities in Vancouver.

Brenda Harvey and Dale Michaud both joined Angle in his move from Georgia Pacific to Brink Hudson. Harvey and Michaud, previously traders on the U.S. trading desk at Georgia Pacific, will trade on the foreign desk under Angle.

The National Quotation Bureau the New York-based owner and operator of the pink sheets hired Sigurdur Snorrason to manage the firm's new electronic quotation service. Snorrason, a native of Iceland, was formerly head of trading and information technology at the Iceland Stock Exchange. He will report to Cromwell Coulson, National Quotation Bureau chairman.

Coulson said the National Quotation Bureau is awaiting approval from the Securities and Exchange Commission and the National Association of Securities Dealers to automate trading of the pink sheets. The pink sheets are a daily publication, named for their color, of thousands of over-the-counter stocks and their current prices. Coulson expects the pink sheets to be automated in early 1999.

Leo Hirata was named director of marketing and development for STRIKE Technologies, manager of a new electronic communications network owned by a consortium of trading firms, led by New York-based Bear, Stearns & Co. Hirata was previously a marketing executive at the New York branch of the Bank of Tokyo/Mitsubishi.