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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December 1, 2000

Fast Track

By John A. Byrne

* Mark Doolan joined Morgan Stanley Dean Witter in New York as a sales trader from Donaldson, Lufkin & Jenrette.

*Kenneth R. Leibler was named chairman and chief executive officer of the Boston Stock Exchange (BSE). Leibler, a BSE governor and previously president and chief executive of Liberty Financial Companies, will succeed William G. Morton, Jr. on March 30, 2001.

Morton will continue to serve the exchange as a senior advisor.

*Bridge Information Systems in New York expanded its staff in the finance department: Roy Browning, previously chief financial officer with Greenpoint Mortgage Corp. in Charlotte, N.C., joined as senior vice president, finance and planning. Deborah Grossman, from Daedalus Technologies Company in St. Louis, joined as senior vice president, treasurer. Chino Kim, formerly with Deloitte & Touche, joined as assistant treasurer. Jim Fox, also from Deloitte & Touche, joined as vice president of financial and management reporting. Lori Caster, formerly a partner at Price Waterhouse Coopers, joined as vice president, controller.

*SunGard Business Integration in New York appointed a new management team: Danny Barsella, previously SunGard's executive vice president of products and services, was named president and chief executive officer. Urs Rutschmann, formerly managing director of Europe, Middle East & Africa at Sungard, was tapped as chief operating officer. Ezra Sofer, Sungard's chief financial officer, will continue in this role as well as head up U.S. operations.

*Prudential Securities in New York beefed up its OTC desk: Frank Bianco joined as a market maker and Tim Guinessy as a sales trader. Both were previously with Donaldson, Lufkin & Jenrette.

*Donald E. Fowler was named to the board of directors of Wofex, Inc. in New York. He was previously an advisor to Wofex and has served as chief executive of several start-up companies and has held executive posts with Tandem Computers, Bechtel Group, and IBM.

*Kathleen Stetz, formerly a managing director at Key Asset Management, joined Mellon Bank in Pittsburgh as a senior trader.

*John P. Gilmartin joined Lehman Brothers as a floor broker at the New York Stock Exchange. He came from Donaldson, Lufkin & Jenrette.

*The Williams Capital Group, L.P. in New York expanded its equity sales team: Michelle Petropoulos, previously a managing director and new issue compliance director, joined as a principal. Hollis Copeland, formerly senior vice president of sales at Blaylock & Partners, also joined as a principal.

*Thomas Logan and Frances Iannici joined ING Barings in New York as sales traders on the firm's OTC desk. Both are from Donaldson, Lufkin & Jenrette.

*ProTrader Technologies in Austin, Texas named James Herbold, previously chief information officer at BRUT ECN, as chief information officer.

*Edward Savickas from Donaldson, Lufkin & Jenrette joined Nomura Securities in New York as a sales trader.

*Goldman Sachs in New York hired Sean McHugh as a vice president, equities compliance. He was previously director of equities compliance at Salomon Smith Barney.

*Sean Haggerty and Robert Gillin, both from Donaldson, Lufkin & Jenrette, joined Merrill Lynch in New York. Haggerty is a sales trader and Robert Gillin is a market maker.

*Scott Curtis, from Brown Brothers Harriman, joined Kaufman Bros., L.P. in New York as a senior sales trader. Peter A. Sullivan, previously with George K. Baum, is heading up the firm's sales trading desk in Boston.

*Salomon Smith Barney in New York hired John Durand, from Donaldson, Lufkin & Jenrette, as a sales trader. New market makers include Geoff Cassell, Rob Coleman, and Pat Marvin. All three are also from DLJ.

*Hill, Thompson, Magid & Co. in Jersey City added three position traders, including Scott Donachie from Knight Securities, Steve Kosson from Paragon Capital, and Barry Botfeld from Herzog Heine Geduld. Botfeld is based in the firm's Florida office. Alison Brackett, also from Herzog Heine Geduld, joined as an assistant vice president and director of the Florida office. Christopher Sarkis joined the firm's broker dealer relations department. He was formerly with Paragon Capital.