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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April 1, 2000

Superblock Makes Trading History

By Staff Reports

The largest block trade on record, 925 million shares worth a whopping $5 billion, earned Goldman Sachs and Deutsche Bank a total of $50 million. Each share was sold for 349 pennies (U.K.)

The superblock', executed recently in London, occurred when Hong Kong conglomerate Hutchison Whampoa sold a third of its stake in U.K.-based Vodafone AirTouch Plc.

A large block is often executed overnight to help prevent an adverse price movement. The Vodafone superblock was completed in a regular early morning period. That was designed to garner widespread investor interest.

"As the pool of international capital expands, you're going to see more deals of this type," a pro who worked on the deal, told Investment Dealers Digest.