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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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January 2, 2007

New NASD Market Reg Chief

By Gregory Bresiger

The NASD named Tom Gira its new director of market regulation. The 14-year veteran of Nasdaq and the NASD was most recently executive vice president and deputy of market regulation for the NASD. He replaces Stephen Luparello, who was promoted to senior executive vice president. Both men moved up a notch in the wake of Mary Schapiro's promotion to NASD chairman and chief executive. Gira reports to Luparello, who in turn reports to Schapiro.

Gira told Traders Magazine that overseeing the implementation of Regulation NMS would be the key issue for regulators over the next year. He noted that exchanges such as the New York Stock Exchange and Nasdaq are already in the midst of internal transformations. That, in turn, affects those conducting business with the exchanges, according to Gira.

"There are a lot of changes at the broker-dealer and exchange levels. So we have to make sure we have adequate surveillance systems up and running," Gira said.

Gira joined NASD's Market Regulation Division in 1997. Previously, he served as associate general counsel of the Nasdaq Stock Market for five years. Before that, he worked for the Securities and Exchange Commission for seven years. There, he was branch chief for options and derivatives products with the Market Regulation Division.