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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May 31, 2001

Fast Track

By Editorial Staff

*Nasdaq added six new members to its board of directors: Dr. Joseph Ackerman, head of corporate and institutional clients group, Deutsche Bank AG; Michael W. Clark, managing director and head of global equity trading, Credit Suisse First Boston; former Secretary of Defense William S. Cohen, chairman and chief head of global equity trading, Credit Suisse First Boston; F. Warren Hellman, chairman, Hellman & Friedman LLC; Kenneth D. Pasternak, chairman and president, Knight Trading Group; and Hardwick Simmons, chairman and chief executive, the Nasdaq Stock Market.

*Nasdaq named Helen Kearns president of Nasdaq Canada in Montreal. A native of Montreal, she was formerly with Kearns Capital Corporation, an underwriting and financial advisory firm. Kearns was previously head of institutional equity sales and trading at Richardson Greenshields of Canada Limited.

*Gerald Klauer Mattison in New York hired Chuck Mercein, Michael Philipps and Peter Spadaccini as sales traders. All were previously with ING Barings.

*Salomon Smith Barney in New York tapped William Geyer, previously head trader at Barclays Global Investors, as manager of the firm's North American program trading desk.

*Montgomery Cerf joined Bear Stearns in New York as a senior managing

director in the firm's equity capital markets group. He was previously with J.P. Morgan.

*Pacific Crest Securities hired Rick Casella to head its new Boston office as a senior sales trader. He was previously a managing director at Dain Rauscher Wessels.

*Mike Sobel joined Barclays Global Investors in San Francisco as head trader. He was previously with BGI Japan.

*Roy L. Furman joined Jefferies & Co. in Los Angeles as vice chairman. Furman was a co-founder and president of Furman Selz LLC and vice chairman of ING Barings after it acquired Furman Selz.

*The Securities and Exchange Commission named Felice B. Friedman, previously deputy director of the office of international affairs, as the office's acting director. Marisa Lago, formerly director of the office of international affairs, joined Citigroup as director of global workforce development.

*Lehman Brothers appointed Samuel Berger as a senior advisor. Berger, who is chairman of Stonebridge International, a Washington, D.C.-based consulting firm, served as a national security advisor to President Bill Clinton.

*The Securities Industry Association named Steven D. Black of J.P. Morgan Chase and James D. Price of Prudential Securities to its board of directors. Black is global head of institutional equities at J.P. Morgan and Price is president of Prudential Securities.

*Peter C. Earle joined the Nasdaq/OTC desk at Fahnestock & Co. in New York. He was previously with CyBerTrader, (formerly named CyBerCorp.), a subsidiary of the Charles Schwab Corporation.

*Eduardo Soto joined Wien Securities' Latin American desk in Boca Raton, Fla. Soto, a native of Venezuela, operated his own brokerage in Venezuela for the past eight years. Joining him on the desk is Fernando Maques, a trader in Wien's Boca office for the past five years.

The Lasher Group, an American Stock Exchange member firm, headed by floor broker Howard Lasher, merged with Amerivest, a subsidiary of AFC Partners, a New York Stock Exchange member firm. Lasher, who has been a broker at the Amex for 36 years, has served on various exchange committees, including allocation, performance and ITS. All employees from the Lasher Group have joined Amerivest, including specialist Tom Drago, a 40-year Amex veteran.