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

Wall Street Prepares for Disaster

By Staff Reports

The top brokerages are on a war footing. And, in some cases, executives at these firms are managing operations from remote locations until the war is over.

This is one of the steps to provide business continuity, a measure designed to prevent the same interruptions that occurred after the September 11 tragedy.

Some large brokerages now maintain separate off-premise command centers where their executives can gather, according to Ken Smith, president of SunGard Planning Solutions. He said these centers have banks of phones and whiteboards. They have the capability to manage any incident.

Meanwhile, the Bond Market Association has a procedure in place for a potential disaster: It's a prearranged conference call so members can get a grip on what's needed to keep trading active.