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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February 1, 2004

Fast Track

By Editorial Staff

*Ted Mortonson was named by Pacific Crest Securities as senior vice president of institutional equity sales. Mortonson was most recently managing director and head of global institutional equity sales and trading at RBC Capital Markets. The exec left that firm upon its decision to relocate from Minneapolis to New York.

*Thomas Quigley joined BNY Brokerage, the Bank of New York's institutional agency brokerage subsidiary, as vice president of institutional sales. His primary responsibility is business development for BNY Brokerage's expanded electronic trading initiative within the hedge fund community. Previously, he covered the East Coast buy-side community for Dallas-based Direct Trading Institutional.

*At Canaccord Capital, James Duncan has moved up in the ranks. He was promoted from vice president of international trading to senior vice president and director of Canaccord Capital. He is responsible for East Coast coverage of broker dealers and will manage the international trading business out of Toronto.

*Leslie Seff, a well-known figure in Nasdaq and OTC trading, joined BrokerageAmerica as chief operating officer and managing director, capital markets. He will manage the firm's overall business strategy and oversee sales and trading operations. Prior to joining BrokerageAmerica, Seff was CEO of his own trading firm, Tech-Trade Capital. Previously, he was vice president of Fidelity Capital Markets. He is also credited with establishing the Nasdaq/OTC Trading Department at Wagner Stott, the third largest specialist firm on the floor of the NYSE.

*Peter Murphy was named chief executive officer of Bear Wagner Specialists. Murphy was the firm's executive vice president and headed its Specialist Operation on the NYSE floor. A specialist since 1982, he joined Bear Wagner's predecessor firm, Bear Hunter, in 1995. Murphy succeeds John Mulheren, the firm's founder and chief executive, who passed away last December. Murphy joins chief operating officer, Michael Winchell, to lead Bear Wagner's management team.

*Richard (Rick) Ketchum, Nasdaq's former president, has made another high-powered career move - to the New York Stock Exchange. His selection, by the NYSE board for the exchange's new post of chief regulatory officer, comes after a brief stint for Ketchum as a top regulatory executive at Citigroup.

*Principals at two independent floor brokers, as well as two specialists, have joined the new executive board of the NYSE. The execs from the independents are Robert McCooey of Griswold Co. and Doreen Mogavero of Mogavero, Lee & Co. The specialists are John Dolan of Van Der Moolen Specialists and Peter Murphy of Bear Wagner Specialists. The four succeed principals from three specialists and an independent floor brokerage. Also, James Duryea, an independent floor broker, has stepped down.

*Ron Hevey joined Millennium Partners as a senior portfolio manager and investment director. He was formerly head of arbitrage trading for the Stafford subsidiary of Toronto Dominion. Earlier, he was a managing director at Nomura International and an executive director at UBS Warburg Dillon Read.

*Elizabeth Finkle, granddaughter of the late David Finkle, a man who led his own firm, Finkle & Co., throughout the 1960s and 70s, is taking the helm at the recently relaunched firm. The younger Finkle was named president. The New York-based independent equity research and trading firm serves institutional and private investors. Elizabeth Finkle spent 21 years in institutional sales, which included stints at Pacific Northwest, Ladenburg Thalman, Brean Murray and Muriel Siebert.