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.

Traders Poll

Are you in favor of a pilot program and examination of the rebate system by the SEC?




Free Site Registration

April 30, 2001

Marino Headed For Green Acres

By Staff Reports

A top activist in the Nasdaq trading world is retiring from Wall Street's hustle and bustle for the solitude of his farm in upstate New York.

Still, Dennis Marino, who stepped down as chairman of National Discount Brokers in Jersey City, now owned by Deutsche Banc, has told friends he does not plan to disappear from the Street.

Arthur Pacheco, a former chairman of the Security Traders Association like Marino, said he had lunch recently with the popular Brooklyn-born trading executive and other pals. "We all promised to stay in touch and to get together periodically," Pacheco said. "We will be seeing each other as much as possible."

Marino, who served a 12-month term as STA Chairman, proudly told cheering crowds at his incoming ceremony in 1996 in Boca Raton, Fla., how he was honored to be serving with another Italian-American from Brooklyn -John Tognino, then the president of the STA. (Tognino is now a senior international executive at Nasdaq.)

The positive chemistry between the two on the dais was clearly evident in Boca Raton where Marino questioned the federal government's handling of the OTC marketplace.

To those pointing accusing fingers, to those who would have others believe that "the entire negotiated market suffers from moral myopia, some ethical poverty, I say bull, I say, shame on you," said Marino, as thunderous applause erupted.

Marino worked to raise funds for the STA's Political Action Committee. He was also involved in charitable endeavors. "He is a sincere and capable person and I will miss him," said Pachecho, an executive at Bear Stearns.