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 5, 2006

Fast Track

By Editorial Staff

*Brian Devlin joined Jefferies & Company as head of Boston equities. Devlin will help expand Jefferies' equity sales, trading and capital markets effort in the Boston market. In Boston, Jefferies maintains approximately 40 sales, trading and research professionals, and nearly 40 investment banking professionals. Devlin was most recently with Banc of America Securities. He has more than twelve years experience in the securities industry focused on sales, trading and research sales.

*Deutsche Bank Securities made two appointments. Rob Flatley joined as a managing director and head of global electronic execution for equities. Flatley will report to Jon Hitchon, head of global prime services and Robert Karofsky, head of global markets equity in North America. Flatley joined Deutsche Bank from Banc of America Securities, where he was a managing director in electronic trading services. Before joining Banc of America, he was the chief operating officer of Macgregor, a Boston order management firm. Deutsche Bank also named Ralf Roth as head of business development for global equities electronic execution within global prime services. In this role, Roth will work closely with Flatley. Roth was formerly an executive on the fixed income side of Deutsche Bank.

*BNY Brokerage promoted Mark Perdigao to run a new unit to provide hedge funds with electronic trading tools, commission management services and independent research. The new unit will handle sales, marketing and trading. BNY Brokerage says it increased its hedge fund business 30 percent in 2005 and is on pace to double it in 2006. Perdigao, a managing director, formerly ran the firm's institutional sales group.

*Steve Kreichman joined Merrill Lynch's portfolio trading desk. Kreichman is a veteran of Citigroup's program desk and formerly its head of U.S. portfolio trading strategy.

*Bill Harts joined Banc of America Securities as a managing director and head of strategy for equities. Harts reports to Peter Forlenza, global head of equities. Harts is responsible for BofA's electronic trading services strategy and product development, including algorithmic and quantitative strategies. Harts previously served as a consultant to BofA. Before starting his consultancy, Harts was executive vice president for corporate strategy at Nasdaq. Then he was involved with the implementation and deployment of Nasdaq's SuperMontage trading system. Earlier in his career Harts held various positions with Salomon Smith Barney, now part of Citigroup. He also established an automated equity market making and trading operation for Lehman Brothers.

*BTIG/Bass Trading has opened a San Francisco sales trading coverage office, hiring three professionals. Brett Mock has joined the office as a managing director in institutional sales trading. Mock, a trading veteran, left Wachovia Capital Markets to open BTIG's San Francisco institutional desk. Prior to Wachovia, Mock worked at Banc of America Securities, Montgomery Securities, Spear Leeds and Kellogg Capital Markets. Mock is also a governor of the Security Traders Association (STA) as well as a past president of the San Francisco Security Traders Association (SFSTA).

Besides Mock, Danny Hurwitz has also joined BTIG/Bass. He is a managing director in institutional sales trading. Hurwitz left Knight Capital Markets. Before that, he had worked in San Francisco for Robertson Stephens and for Goldman Sachs in Chicago.

Chris Gardner, another new BTIG/Bass hire, is also a managing director in institutional sales. Gardner has worked as a market maker for Montgomery Securities. He also had had a stint as a sales trader at Banc of America Securities.

*Pipeline Trading Systems added two new hires. Bill Kelleher joined as Associate Director of Sales and Brian Carnes joined as Associate Director, Professional Services in Pipeline's Boston office. Kelleher and Carnes will be working with Don Cottage, Pipeline's Managing Director of Sales and Betsy Coyne, Pipeline's Director of Sales. Previously, Kelleher worked as a specialist at Moors and Cabot. Carnes previously worked as a senior business consultant at Eze Castle Software.

*Chadd C. Kirkjoined Pirate Capital to run equity tradinglast month. Kirk hadpreviously been head trader atOppenheimer Asset Managementfor the last 5 years.