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 1, 2003

Fast Track

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*Stephens Inc. in Little Rock, Arkansas, appointed David Morton as vice president. He joined the firm's equity trading desk in the Boston office. Morton, with about 10 years in the equity business, previously served as head of the trading desk for Fleet Securities' Beantown office. Morton's trading career also included positions with the Boston offices of Robertson Stephens, Dresdner, Kleinwort Wasserstein and ING Barings.

*Lou Klobuchar was named chief brokerage officer and president of E*Trade Securities, a division of E*Trade Group. Klobuchar replaces Jarrett Lilien who was promoted to president and chief operating officer of E*Trade Group. Klobuchar joined E*Trade in 2001 upon its acquisition of Chicago Stock Exchange specialist Dempsey & Company. Klobuchar was the chief executive of Dempsey.

*Richard Waks, formerly a managing director at J.P. Morgan, was named executive vice president and head of institutional equities at the newly launched institutional equity business of Imperial Capital, a boutique investment bank. He was formerly a managing director at J.P. Morgan. Joining Rick, as senior vice president, is Michael Walsh, formerly a vice president at J.P. Morgan, and Adam Pivko, who is also from J.P.Morgan. Imperial Capital is based in Beverly Hills, CA.

*Goldman Sachs reorganized the leadership of its equity trading department following the retirement of trading head Joe Della Rosa. Della Rosa left Goldman last month after seven years in charge of sales and trading. David Heller and Scott Prince are now in charge of trading. Steve McGuinness and Mike Ryan are responsible for research sales and sales trading.

*Kevin Foley was elected to the board of governors of the Philadelphia Stock Exchange. He will serve a three-year term and is one of 22 board members. Foley is chief executive of Bloomberg Tradebook LLC.

*John Lauto, president of Spear, Leeds & Kellogg Specialists, succeeds Todd Christie as chief executive of the firm. Christie resigned for unspecified reasons. SLK Specialists, a division of Goldman Sachs, is the third largest specialist at the New York Stock Exchange.

*Michael Silver joined M.H. Meyerson as manager of OTC market making. Silver was previously a team captain making OTC markets, as well as managing the market making efforts of others at Knight Trading Group.

*Themis Trading, an institutional agency-only broker, hired Mike Stephans, formerly of Midwest Research, as a sales trader. Themis has opened an office in Chatham, N.J.

*Lisa Bozzi Albanese joined BrokerageAmerica as co-head institutional sales. Lisa comes to BrokerageAmerica from Spear Leeds, where she spent 16 years as an institutional sales trader.

*Vito Cangialosi joined GMST World Markets Florida office. Vito, formerly of Fleet Trading in Jersey City, brings his trading experience to the international desk of GMST World Markets.

*John M. Palazzo joined Pulse Trading, a Boston-based ECN trading firm for institutional investors, as head of the firm's New York office. Palazzo has some 20 years' experience in the equity markets. He most recently served as head of institutional sales and trading at BRUT ECN, a unit of SunGard Data Systems, Inc.

*UNX, Inc. appointed William Karsh as president and senior managing director of the company. Karsh has some 25 years of experience managing trading operations and serving the institutional equities marketplace. Karsh will manage UNX's brokerage operations, and trading and business development. Karsh comes to UNX after serving as COO of Embarcadero Securities.