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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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August 31, 2002

Nasdaq Financial Woes

By Gregory Bresiger

Nasdaq's earnings were down by 55 percent in the last quarter compared to the same quarter of 2001. That works out to $8.8 million versus $19.6 million. About $10 million of that decline in profits came from Nasdaq's problem plagued Japanese subsidiary, which was shut.

"The timing of that was just bad. It never caught on," according to a spokesman for Nasdaq. Besides the problems in the Land of the Rising Sun, Nasdaq officials said reduced earnings were the result of a bear market. "This is a very difficult economic climate for us. It is for everyone and all of us have to ride it out," the spokesman added.

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