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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August 31, 2003

Fast Track

By Editorial Staff

*John Cranley joined Adams, Harkness & Hill as a sales trader for its New York office. Cranley was prevously executive director of institutional sales trading at

Morgan Stanley. Joseph Patneaude joined as an OTC market maker. Before his move, he was a market maker at First Albany.

*Stephen Schoenfeld was named senior program sales executive at Schwab Capital Markets in Jersey City. He joined from State Street Global Markets where he was an institutional sales pro.

*Thomas Weisel Partners has several new pros. Patrick Quinn joined as a position trader on the listed desk, focusing on telecom services and technology stocks. He is a former Morgan Stanley pro. Rick Hult joined the OTC desk as a Nasdaq market maker from Banc of America, focusing on telecom stocks. Reynolds Ospina joined the OTC desk as a Nasdaq market maker. Ospina previously traded healthcare and software stocks at WR Hambrecht.

*Arrowhead Solutions named a director of sales and marketing. He is Don Cottage who was, most recently, overseeing electronic trading system sales with State Street Global Markets. Arrowhead Solutions provides trade execution solutions and order management to the institutional sellside

trading community.

*Howard Burwell, a former senior Nasdaq market maker for SunTrust Robinson Humphrey, has switched to Morgan Keegan in Memphis. He is also a senior Nasdaq market maker at his new shop.

*Patrick Whalen, previously head of North American equity trading at Morgan Stanley, joined Lehman Brothers as global head of equity trading. Whalen began his career at the derivatives house O'Connor and Associates in 1985. At Lehman, Whalen's position was carved out from the responsibilities of Robert Shafir, co-head of the global equities division.

*Pulse Trading hired a trio of vets to start a portfolio trading group, PulsePTG. Jim Willsey, executive vice president and director, will be based in New York with head trader Alex Bonello. Richard (Rick) Holway (inset) was hired as executive vice president and director, sales and marketing. He's based in Boston. Willsey has a program trading background, starting with CS First Boston in 1991. He had subsequent assignments at D.E. Shaw & Co., Bear Stearns and J.P. Morgan. Most recently, he and Bonello were on the program trading desk at Knight Securities. Holway was the founder and a principal of Harborside+.

*Nasdaq's transaction services division expanded its sales force. John Denza, Drew Krichman, and Chris Siclare joined from Instinet Group, where they managed sellside accounts. Kathleen MacGilvray also joined from Instinet, where she was responsible for product strategy for the sellside. Allison Merna joined from OM, where she was responsible for U.S. sales of transaction technology. They will work with clients to implement post-trade anonymity, broaden access to the system through FIX, and make other market improvements and developments to SuperMontage.

*Jim Volk retired from the securities industry to form The Volk Group. The firm's goal is to buy a business in another field. Volk was senior vice president and managing director of equity trading at D.A. Davidson in Portland, Ore.

*Investment Technology Group named Ian Domowitz managing director of the analytical products and research group and a member of ITG's executive committee. He succeeds Ananth Madhavan, who accepted a position with Barclays Global Investors in San Francisco. Domowitz joined ITG in April 2001 following a three-year stint as a finance professor at Pennsylvania State University. Madhavan will continue as an advisor to the firm as a member of the ITG scientific advisory board.