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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August 31, 1998

Fast Track

By John A. Byrne

Jones & Associates, a Los Angeles-based agency-trading firm, opened a new office in Dallas. Rick Andrews, a former head trader at Luther King Asset Management in nearby Fort Worth, will run the office and head its trading desk. Tim O'Neil, previously a trader at Jones & Associates in Los Angeles, will join Andrews on the new desk.

Jones & Associates has 75 employees and offices in Aspen, Boston, Dallas, Los Angeles, New York and Orlando. The firm plans to hire up to three more traders for the Dallas desk this year.

Frederick Graboyes joined BNY ESI & Co. in New York as senior vice president of product development for trading. BNY ESI & Co. is a separate brokerage subsidiary of The Bank of New York. Graboyes will be responsible for integrating the firm's trading systems with new management and compliance software. He was previously head trader at INTECH, a Palm Beach Gardens, Fla. money-management firm.

nBryan Di Miceli was hired as director of equity research at Mildwood Securities, a New York brokerage firm. Di Miceli was previously director of research at Access Securities in Stamford, and prior to that head of equity trading at Royal Insurance in Stamford.

nWarburg Dillon Read named Ernest Pittarelli the head of day-to-day operations for North America and South America. Pittarelli was previously managing director of operations at Union Bank of Switzerland in London.

Stamford-based Warburg Dillon Read is the investment-banking arm of UBS AG. Warburg Dillon Read was previously a subsidiary of Swiss Bank Corp. Swiss Bank Corp. agreed to merge with Union Bank of Switzerland in late 1997, and changed its name to UBS AG.

Robert S. Greenbaum was appointed general counsel of the Philadelphia Stock Exchange (PHLX). Greenbaum will be responsible for coordinating all legal matters at the exchange. With the proposed PHLX merger with the American Stock Exchange and the National Association of Securities Dealers, the general counsel will also assist in the legal integration of the exchanges. Greenbaum is a former partner in the New York-based law firm of Reid & Priest.

The PHLX also named Ken Meaden vice president of market surveillance. He will be responsible for all market-surveillance operations at the exchange. Meaden served most recently as a market-surveillance consultant at the PHLX.

The Pacific Exchange (PCX) announced three staff changes.

David E. Rosedahl joined the PCX as chief regulatory officer, responsible for all regulatory, compliance and market-surveillance functions at the exchange. He was previously general counsel and managing director at Piper Jaffray in Minneapolis. Kim P. Williams was promoted to chief financial officer. She will continue to oversee the financial-management, analysis and accounting departments at the PCX. And David C. Diamond was promoted from director of finance at the exchange to vice president of finance.

Rosedahl and Williams will continue to report to Warren Langley, PCX president and chief operating officer. Diamond will report to Williams.

The Security Traders Association promoted Andrew N. Grass Jr. and Lisa Singer-Carroll. Grass, a ten-year employee of the STA, was named senior vice president and general counsel. Singer-Carroll was appointed vice president and director of administration. Both Grass and Singer-Carroll will continue to report to John Tognino, STA president.

Traders Magazine's advertising director Paul J. Sasseville has been promoted to associate publisher of the magazine. He reports to Kenneth W. Heath, group publisher for Traders Magazine and several sister publications of parent Securities Data Publishing.

Sasseville assumed the advertising director post 12 months ago after Heath was elevated from publisher of Traders Magazine to group publisher. Joining Traders Magazine in 1993 as an advertising representative, Sasseville was promoted to advertising manager in 1996, and to advertising director 12 months later.

"His contribution to Traders Magazine has been substantial," Heath said. "His creative energy and hard work have been paramount to the magazine's success."