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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March 1, 2000

Mike Appleby

By Peter Chapman

In 1998, Mike Appleby was far away from the stress and strain of Wall Street, living on the beach at the Isle of Palms in Charleston, S.C. At 47, he'd already made his mark in the trading technology world and was looking forward to some R&R.

From 1985 to 1991, he'd headed up TCAM Systems' (now OM Technology) creation of its trading system. From 1991 to 1996, he'd run his own company, Appleby Technologies.

That shop was responsible for Mayer & Schweitzer's trading system as well as SLK's NW II replacement, Eagle. Appleby Technologies was bought in 1996 by Royal Blue, the U.K. vendor known for the Fidessa trading system. Royal Blue intended to use Appleby Technologies as its beachhead in the U.S. Nasdaq market.

But by 1998 Appleby was restless ("I got a little sick of boating," he says.) and it was onto Spear, Leeds. He was made a partner in 1999.

Appleby's an American citizen, but was born in the U.K. He's a graduate of the University of Wales as well as the IT departments of Citibank and Morgan Stanley Dean Witter.