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 30, 2001

Doesn't Anyone Want the Job?

By Gregory Bresiger

More than three months into the Bush administration and Wall Street was still waiting to hear who will be nominated to succeed Arthur Levitt.

Harvey Pitt, a former general counsel to the SEC, was said to be the leading candidate to be the next Securities and Exchange Commission Chairman as Traders Magazine went to press.

Pitt is a heavyweight securities attorney at the Washington, D.C. law firm of Fried Frank Harris. He served at the SEC in the late 1970s as a general counsel.

No Guarantee

However, there is no guarantee that Pitt will take the job, which reportedly has already been offered and declined by several people.

In the Running

Some candidates who were still in the running included James Doty, a former SEC counsel, Dana Mead, former chairman of Tenneco, Peter Walison, a fellow at the American Enterprise Institute and Richard Posner, a federal judge in Chicago. NASD Chairman Frank Zarb also surfaced as a contender.

In the absence of a permanent chairman, Laura Unger, an SEC commissioner, is the acting chairwoman of the commission. Some securities industry observers also consider her a possible candidate to replace Levitt on a permanent basis.