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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March 1, 2003

Fast Track

By Editorial Staff

*The Cincinnati Stock Exchange appointed Geoffrey Gradler as director of government affairs and Bonnie Greenberg as director of corporate communications. Gradler will represent the exchange on regulatory issues in Washington where he was previously a policy analyst for Tom DeLay, the recently elected House Majority Leader. A former journalist, Greenberg once headed the public relations department for the Chicago Board Options Exchange.

*Adams, Harkness & Hill is building an institutional listed market making desk in Boston. It named Kevin J. Ronayne managing director and head of the new business. Before he joined, Ronayne was head of listed trading at Investec in New York. He also worked in San Francisco for Robertson Stephens and Montgomery Securities.

*Credit Suisse First Boston made changes in the ranks of the institutional securities unit. Mike Clark, formerly global head of equity trading, and Jim Kreitman, the co-head of European equities, are the new co-heads of the equity division. The division was previously headed by Brady Dougan, who became co-president of Credit Suisse last year. Neil Moskowitz, chief operating officer of the equities division, was named COO of the unit. The firm is also forming an institutional securities operating committee.

*Reuters reorganized the management ranks. Devin Wenig, former president of the investment banking and brokerage unit (IBB), will oversee IBB, Treasury, asset management, corporates and media. Isaak Karaev will fill Wenig's role at IBB. Graham Albutt will be responsible for the Fast Forward project launched to revive Reuters' sluggish fortunes. Philip Green, COO, will take charge of development, operations and data.

*RBC Dain Rauscher promoted a top executive at Hill Thompson Magid, a dealer that is expanding in Nasdaq, OTC and Bulletin Board stock trading. Nicholas Ponzio (inset) was elevated from president to CEO, a post previously held by Anthony Broy who will remain as chairman.

*Tom Mulroe moved to TAG as senior vice president of operations. He comes from TD Waterhouse where he spent 13 years in various management positions, most recently as first vice president of trade quality management.

*Systems vendor OM hired two pros in its Americas division. Curt Brill joined as senior vice president, sales and marketing, covering financial markets. Wayne Arden joined as vice president of sales, exchange and clearing services. Brill was most recently with Reuters where he was in charge of transactions products management. Arden previously worked for IBM in a variety of sales, marketing and business development positions.

*Jamie Selway (inset), chief economist of Archipelago, left the company with four colleagues to start an institutional agency brokerage, White Cap Trading in New York. The other Arca pros are Bill D'Arbanville, Tim Love, Jamie Petraglia, and Quito Zuba.

*TowerGroup expanded its Securities and Investments practice, adding three executives. Ernest Brito, a managing director, will serve as a senior advisor, consultant and relationship manager for major clients. Brito's career included management positions at various firms, such as Deloitte Consulting. Stephanie Evanick as a manager will focus on developing and managing consulting engagements. Evanick was previously a strategy and business architecture executive at Accenture. Miranda Mizen as a senior analyst will be supported by her extensive experience in the global equity markets. She was formerly first vice president at Instinet.