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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November 1, 1998

At Deadline - Market of Markets

By John A. Byrne

Record prices for two seats on the American Stock Exchange put a special shine on its November 2 merger with the National Association of Securities Dealers. The seats were sold for $489,000 and $490,000 only two days before the merger. The previous record was set on February 1 at $480,000, while the exchange's last seat was sold a month earlier for $440,000.

With the merger fully completed, Nasdaq and the Amex are set to be run as separate markets, overseen by the Nasdaq-Amex Market Group, a newly-created subsidiary of the NASD. One of the first priorities of the merged entities is the development of an electronic limit-order book and a trade-routing and transaction system for equity orders. The system is being designed to allow individual investors and traders to enter and electronically execute orders from on and off the trading floor.

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