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Tim Quast
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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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November 1, 2003

Listed and SuperMontage Growth Plans for Nasdaq

By Staff Reports

Nasdaq will be making special efforts to sign up new listed business next year while the repeal of the trade through rule would help that, Robert Greifeld, CEO of Nasdaq, said at the Security Traders Association annual conference in Arizona.

Greifeld has spent a large part of his first few months as Nasdaq head lobbying for the rule's end while trying to boost business for Nasdaq's trading platform, SuperMontage. Indeed, Griefeld is still hopeful that Instinet may start quoting on SuperMontage. That business is currently handled on the Cincinnati Stock Exchange for its Island unit and on the NASD's ADF for Instinet. Greifeld affirmed that Nasdaq has its eye on the NYSE's dominance of the listed stock trading business.

The Nasdaq CEO said the trade through rule reminded him of what he told his son recently at a Burger King. His son wanted a 99-cent coke. In the U.S. equity markets he'd be forced to buy Coca-Cola in a supermarket across the highway for 98 cents. But, 30 seconds later, by the time he would have arrived, the price could have increased to a dollar.