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

Fast Track

By John A. Byrne

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  • Fast Track

The Chicago Stock Exchange (CHX) hired Paul O'Kelly a former Chicago Mercantile Exchange and Securities and Exchange Commission staffer as its executive vice president of market regulation and legal compliance. In the newly-created position, O'Kelly will be responsible for all regulatory and legal functions at the CHX. Before joining the CHX, he was an 11-year veteran of the Chicago Mercantile Exchange, serving most recently as general counsel. O'Kelly began his career at the SEC, working in the commission's Chicago office for 13 years.

Cleary Gull Reiland & McDevitt recently added two senior traders Bob Hurley and Steve Iskalis to its Milwaukee headquarters. Hurley, a former Chicago-based trader with Nesbitt Burns and ABN-Amro Chicago Corp., joined the firm as head of over-the-counter trading. Iskalis rejoined Cleary Gull as a senior coverage trader. Iskalis had left Cleary Gull two years ago for Vector Securities in Deerfield, Ill.

David Coons left Cantor Fitzgerald & Co. to co-manage the trading desk at Resnick Capital Management, a Los Angeles-based hedge fund. Coons, a partner in the firm, had been an employee of Cantor Fitzgerald for seven years, trading on the firm's institutional equity desk in Los Angeles.

Michael Lewis was appointed head of international sales trading at Commerzbank Capital Markets Corporation. Lewis will build a New York trading desk for the firm, a New York arm of London-based Commerzbank Global Equities. Lewis was previously an employee of now-renamed Warburg Dillon Read, serving as a managing director and establishing a sales-trading desk for the firm in London.

The Philadelphia Stock Exchange (PHLX) promoted Ken Meaden to chief regulatory officer. Meaden began working at the PHLX in 1997, and was appointed vice president of market surveillance in August. In his new role, he will be responsible for all of the exchange's regulatory areas, including market surveillance, regulatory services, securities and examinations.

The PHLX also named Adrienne Hart vice president of market surveillance. She will directly oversee all market-surveillance operations. Prior to joining the PHLX, Hart was a sales and trading manager at CoreStates Financial Corporation in Philadelphia.

Dan Katrowitz joined J. Alexander Securities in Aventura, Fla. as a senior Nasdaq trader. He was previously a Nasdaq trader at North American Institutional Brokers in Fort Lauderdale.

Jonathan de L. Squires was hired as a managing director within the investment-banking division of Credit Lyonnais Securities. He will support marketing and business origination in corporate finance, equities and mergers and acquisitions for the New York-subsidiary of Paris-based bank Credit Lyonnais. Prior to joining Credit Lyonnais Securities, Squires was a managing director and head of technology at Gruntal Capital Markets in New York.

Steven Levine, assistant chief of credit margins and regulation at the New York Stock Exchange, retired after 25 years of service. Levine, 56, was responsible for interpretation of Securities and Exchange Commission, Federal Reserve Board and Big Board rules regarding credit margins. He will be succeeded by Albert Lucks, director of credit regulation at the NYSE.