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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February 1, 2000

Greenspan Ranked Top In Market Impact Poll

By Sanford Wexler

Federal Reserve Board Chairman Alan Greenspan had the greatest impact on the markets in the last twelve months of the 20th century, according to a poll of traders conducted by the Security Traders Association. Greenspan received the endorsement of 63.5 percent of the 427 respondents.

Ranked as the least influential on a list of eight of the most influential market players was Big Board Chairman Richard Grasso who scored 0.2 percent. The person ranked as having the second greatest impact was the day trader' who scored just over 28.3 percent. The STA poll was conducted from Dec. 23 through January 2000.

Four other candidates received the following scores, in descending order: Charles Schwab (1.2 percent); Frank Zarb (0.7 percent); Phil Gramm, Robert Rubin, (0.5 percent each). The remaining respondents (5.2 percent) ticked off don't know'/no opinion.'.

Elsewhere, the conversion of price quotes from fractions to decimals, slated to start on July 3, is the one area that could have the greatest potential impact this year, according to more than one-third of the respondents.

Nearly half of all traders polled would like to see one independent regulatory body for all major exchanges. On the future direction of the major stock indexes, nearly 70 percent of respondents anticipate the Nasdaq climbing to 5,000 or higher this year. Almost 65 percent expect to see the Dow Jones break at least the 13,000 barrier this year.