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Tim Quast
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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 30, 2000

Retired Buyside Vet Surfaces at Weeden

By Sanford Wexler

A well-known 40-year veteran of the buyside can't put his career behind him. Dan Panker, who retired recently from Alliance Capital Management has reemerged on a new trading desk - at sell-side firm Weeden & Co. in Greenwich, Conn.

Panker, who was head of the equity trading department at Alliance Capital in New York for 31 years, said he missed Wall Street too much to hang up his trade blotter.

At Weeden, Panker will help the firm implement technology aimed at providing better executions and more liquidity.

"Weeden is providing me with an opportunity to share my library of knowledge," Panker said. "What I bring to the firm is a client's perspective."

Weeden is building proprietary systems that are designed to connect clients with the firm's order desk. "The key thing is connectivity," Panker said. The new systems enable clients to electronically send orders.

"By providing connectivity we can provide straight through processing," he added. "We can receive and deliver orders and executions directly to the order management systems of our clients."

Panker also plans to spend some time on the road making presentations to clients and visiting the firm's regional offices in Boston, Chicago, and San Francisco. He hinted that his travels might take him outside of the U.S. Panker noted that Weeden is looking at establishing a global presence.