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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March 23, 2005

Remote Options Market Making

By Staff Reports

The Philadelphia Stock Exchange is aggressively trying to push ahead by offering remote market making for options through its PHLX XL platform. The expansion of the PHLX XL - which began in 2003 and continued last year with streaming quotes for on-floor players - is an attempt to offer electronic options access at a low price.

PHLX XL officials said traders will be able to make markets without a physical presence on the floor of the exchange. This will help both upstairs firms and liquidity providers, according to Meyer "Sandy" Frucher, Chairman and CEO of the Philadelphia Stock Exchange. "We have seen substantial improvement in our performance measures - size displayed and NBBO - since we rolled out the first phase of streaming quotes last summer, without so much as a hiccup in our systems," he added.