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 30, 2004

A Step Into the NYSE's Future

By Gregory Bresiger

The Big Board, much maligned by competitors because it can take a reported eternity up to some 30 seconds to execute some orders, says its software will now give traders faster executions. The Big Board also says traders will have greater control because the exchange expects to expand its NYSE Direct+, which is an automatic execution service used by NYSE traders along with e-Broker handheld devices. The software expansion plan is awaiting Securities and Exchange Commission approval.

The new software could allow traders to be more flexible, putting them in a position to work orders more efficiently, pros say. The expansion would also mean that brokers and traders would be able to react more quickly to order changes and market developments, NYSE officials hope.