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

A Hiring Spree For Market Maker

By Editorial Staff

Wien Securities is bucking employment trends in the trading industry. It hired about 40 new trading professionals. They are almost equally divided between market makers and sales pros, said a spokesman for the Jersey City-based firm.

"Maybe the pendulum has swung too far. We're hiring because maybe things are going to start turning around," said Marty Cunningham, president of Wien Securities. "We see opportunties," he added. Some of those opportunites? Cunningham said that they are in the Bulletin Board, Pink Sheets and Nasdaq areas. However, Wien is going to follow the trend in one area. It is going to pay pros totally on a commission basis, Cunningham confirmed.

"We recognize that this kind of formula works best today. If one doesn't make it, then one can't get paid," Cunningham said. Salary, in these tough days, should be regarded as an overhead cost, Cunningham noted.