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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December 1, 1998

Fast Track

By John Byrne

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  • Fast Track

*The Chicago Stock Exchange (CHX) named William Barclay senior vice president of strategic planning of the over-the-counter product line. He will be responsible for expanding the OTC trading program at the CHX, which currently includes more than 350 issues. Before joining the CHX, Barclay was a 12-year veteran of the Chicago Board Options Exchange. He served there most recently as vice president of strategic planning.

*USCC Trading hired three equity traders at its Jersey City headquarters Donald O'Neil, Al Ayala and Bill Heidt. O'Neil was previously an equity trader at Furman Selz in New York. Ayala traded at R.G. Dickerson in New York, and Heidt was an equity trader at Merrill Lynch & Co. in New York. All three will report to Neil Feldman and James J. Welsh. Feldman is USCC Trading's president. Welsh is chief executive of the firm, and assists Feldman in the management of the trading floor.

*Robb Peck McCooey Clearing Corporation hired Gary L. Wasserman as a trader in the firm's investment division. Wasserman was previously head trader at Andrew, Alexander, Wise & Co. in New York. He will continue to be based in New York.

*Jill M. Considine was elected to succeed William F. Jaenike as chairman and chief executive of the Depository Trust Company (DTC). Jaenike has announced his retirement from the DTC, but has not yet set a departure date. The DTC is the world's largest securities depository, with more than $17 trillion of securities in custody. Considine will leave her position as president of the New York Clearing House Association to join the DTC.

*Legg Mason Wood Walker named Donald McNally head of its New York Stock Exchange and American Stock Exchange floor operations. He replaced Robert Meltzer, who recently retired after running the Baltimore-based firm's floor operations for 35 years. McNally joined Legg Mason as a floor broker in 1993, and worked under Meltzer for five years. McNally reports to Tom Mulroy, Legg Mason's head of listed trading. The firm has five seats on the NYSE, and owns one seat on the AMEX, which it leases .

*John Caruana was named managing director and head of position trading at San Francisco-based Volpe Brown Whelan & Company. Caruana was previously head of over-the-counter trading at Hambrecht & Quist in San Francisco. Volpe Brown Whelan is a leading investment bank focused exclusively on the technology and healthcare sectors.

*St. Petersburg-based Raymond James & Associates hired three sales traders to work in its new New York institutional sales department. Frank D'Ambrosio and Larry Greenwald joined Raymond James from Bear, Stearns & Co. in New York. Colleen McGuiness moved to the firm from the New York office of ABN AMRO Chicago Corp. Raymond James opened its New York office earlier in this year, and it is currently staffed by 70 employees, mostly in equity and fixed-income research, sales and trading.

*Eric Hauser joined Stifel, Nicolaus & Company in St. Louis as a position trader on the Nasdaq trading desk. Hauser will report to Rob Cofer, manager of Nasdaq trading at the firm. Prior to joining Stifel, Nicolaus & Company, Hauser was a position trader at Edward Jones in St. Louis.

*Lynch, Jones & Ryan, a New York-based institutional-trading and research firm, promoted five employees to executive vice presidents (evp).