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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July 31, 2004

The Merrill Bernstein Shuttle

By Staff Reports

Sanford C. Bernstein & Co, feeling the same stock trading profit pressures as many of its competitors, has just named its third head of equity trading since the turn of the century. Tom Wright, a former Merrill Lynch stock trader, will replace Matt Andresen, who left earlier this year to join Citadel Investment Group.

Wright will supervise a staff of some 65 senior traders in New York and London making trades for institutional investors. The post, vacant since February, has been a virtual revolving door since 2000. Prior to Andresen's term, another former Merrill hotshot, Tom Joyce, ran trading but left in May 2002 to become CEO and President of Knight Trading Group.

Wright was head of U.S. cash equity trading at Merrill. He joined in 1984. He left in February, a spokeswoman said. Some other trading talent are also absent from Merrill. Leo Ressa, who ran the international trading desk and Ed McMahon, who supervised listed stock trading operations, have been on leaves of absence. Ressa was replaced by Matt Montana.