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 27, 2005

Donaldson Defends Record

By Gregory Bresiger

(Traders Magazine, July 2005) -- Reg NMS, probably the most controversial regulatory decision of recent years, was vigorously defended by William Donaldson, who just departed as chairman of the SEC. "Although the substance of the final rules was not welcomed with open arms, " Donaldson said. "I believe there was a great deal of consensus that the Commission needed to act with a degree of certainty and finality so that market participants could make strategic plans with the firm plan of how their regulatory landscape would be structured." Donaldson cast the deciding vote in the protracted battle over Reg NMS.