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

Larry Cohen

By Peter Chapman

Eleven years of long hours and hard work at Spear, Leeds paid off for Larry Cohen in 1997 when he was made a partner at the age of 35. One of only 50 partners out of a staff of 2,500, Cohen was the third IT pro to catch the brass ring.

"It's a great place to work," he said. "The firm has grown in both its respect on the Street as well as its focus on technology. We've gone from a fairly small IT shop into having our business depend quite a bit on technology."

If Spear, Leeds had such a title, Cohen would be the firm's chief information officer. As it is, he is the managing director of IT. He oversees the firm's technology effort minus the areas handled by partners Tom Williams and Mike Appleby. Cohen has a staff of about 250 to help him. He graduated from Boston University with a computer science degree in 1983 and then spent three years in J.P. Morgan's IT department. Cohen joined Spear, Leeds in 1986.