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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November 1, 2000

Traders Praise Pink Sheets

By Peter Chapman

Traders generally give thumbs up to Pink Sheets' year-old electronic quote network. They like the visibility it brings to the market and its user-friendly features. They like the fact that it updates quotes dynamically. Nasdaq's Bulletin Board service requires them to manually refresh the quotes.

Frank Held, trading chief at micro-cap wholesaler Wm. V. Frankel, in Jersey City, has one complaint. Held notes that small shops like his are at a disadvantage to larger ones because the BRASS trading system many use is not integrated into the EQS. Dealers must constantly keep on top of the markets for which they have orders. Coulson confirms Knight Trading Group, Charles Schwab and Herzog Heine Geduld, have integrated their systems, but says EQS will work with BRASS "very soon."

"Is our technology perfectly robust?" Coulson asked. "No, but it's getting there. We've spent a lot of money rebuilding our system to give it the performance and robustness it needs. It's newer and more flexible than Nasdaq's."