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, 2004

Is SEC Backtracking on Reg NMS?

By Gregory Bresiger

The SEC has been criticized by a market structure expert for making an exception to the trade-through rule. This would allow an automated market to trade through a non-automated market for up to a certain sized order. "The Commission seems to have backtracked on their Regulation NMS proposal," says Junius Peake, a professor at the University of Northern Colorado. "They have changed their definitions from an automated market to an automated quote." Peake went to work on Wall Street in 1951. "One of the first things I was taught was the difference between asking for a quote for a security, and asking for the market' for a security," he says. [See,]