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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June 20, 2005

Fast Track

By Editorial Staff

*:Robert Fagenson has been appointed chief executive of the New York Stock Exchange specialist firm Van der Moolen Specialists USA. Fagenson has been a Van der Moolen partner since 2000. Fagenson replaces John Dolan, who spent only four months in the position. Dolan plans to join another NYSE specialist firm, according to Van der Moolen.

*Chris Morstatt joined TABB Group's global securities practice as a partner and principal. Morstatt spent the past five years with Thomas Weisel Partners focusing on the management of trading technology and other assignments. From 1997 to 2000, he was at Commerzbank Capital Markets as head of electronic brokerage and trading technology. From 1990 to 1997, Morstatt worked at Salomon Brothers where he co-authored the FIX protocol.

*Craig Messinger joined the Pershing division of BNY Securities Group as a managing director and a member of the executive committee. Messinger will have senior management responsibility for Pershing's global agency trading and principal trading activities. Messinger brings 26 years of industry and trading expertise to Pershing. Before joining the firm, he was president of Fidelity Capital Markets. Prior to that, Messinger held a number of senior management positions at Lehman Brothers.

*Peter Sheridan joined Goldman Sachs to co-head its European algorithmic trading operations. Sheridan, who is based in the U.K., joins from Morgan Stanley. At Goldman, he will work with Michael Towarek.

*Tom Van Riper joined Neovest as chief operating officer. Van Riper is a 15-year veteran in the investment software industry. He is a pioneer in the electronic trading space with vast experience in market data, trading systems, algorithms, and program trading. Van Riper was recently at Banc of America as head of sales for the program desk and the electronic trading services group. Before that he was president of Vector Partners, a quantitative agency broker dealer that specialized in the design and implementation of algorithmic program and block trading strategies. Vector Partners was later acquired by Banc of America Securities.

*David Hinkle and Greg Resnansky joined Tejas Securities Group of Austin, Texas, in equity trading and sales. Hinkle was formerly with Cantor Fitzgerald. At Tejas, he will lead an equity capital markets group. Resnansky was formerly with Jefferies & Company.

*Christophe Dacre Wright was appointed deputy director of GL Trade Americas. Wright was previously CEO of GL Trade Paris South Europe. His appointment follows GL Trade's acquisition of Davidge Data Systems from S1 Corp. last year. Wright's mandate is to position GL Trade as a significant player in the U.S. equities and options markets, according to a statement. Wright reports to Gerard Varjacques, CEO of GL Trade Americas.

*HSBC Securities (USA) hired Daniel Doscas as senior vice president and business strategy officer and head of equity market structures for the United States. Doscas reports to James Leman, head of execution trading for the Americas and is based in New York. He will be responsible for all commercial and connectivity issues associated with HSBC's trading activities with the various exchanges.

*Tom Hearden joined New York Stock Exchange direct access brokerage Robbins & Henderson as a floor trader. Hearden was previously a trader at money management firm Strong Capital Management.