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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April 16, 2007

On the Move

By Editorial Staff

Also in this article

  • On the Move

Duncan Niederauer joins the New York Stock Exchange this month as president and co-chief operating officer. A veteran of more than 20 years at Goldman Sachs, Niederauer was previously the firm's co-head of equities execution services and its electronic trading and market structure guru. He represented Goldman on the Archipelago board of directors since 2000.


Henry Gourdeau will run trading at Seacross Global Advisors, a new hedge fund with $500 million in assets scheduled to open this month. Gourdeau is a veteran who previously worked at Lehman Brothers and Harris Nesbitt, among other firms.


Dr. Max Palmer joined execution management system vendor FlexTrade Systems as director of algorithmic solutions. Dr. Palmer joins FlexTrade from New York Stock Exchange floor broker Stuart Frankel & Co., where he served as managing director of execution services since 2001.


Kenneth Leibler, chairman of the Boston Options Exchange, has left the organization. He is replaced by Peter Layton, formerly an executive with Goldman Sachs/Hull Trading. Leibler, a onetime chief executive of both the Boston and American stock exchanges, played a key role in creating the Boston Options Exchange.


Patricia "Pat" Johnston retired earlier this month as head of equity trading at Invesco Institutional North America. Johnston, a 25-year veteran on the buyside, moved to Invesco's Atlanta office from Denver in 2003 to restructure the firm's equity trading. She and her husband, Michael, plan to relocate to Santa Fe, N.M.


Thomas Labenz joined Jefferies & Co. as head of trading for Jefferies' technology sector. He will lead a team of six traders who make markets in more than 500 technology stocks. Previously, Labenz was director of Nasdaq trading at First Albany for four years. Before that, he was a Nasdaq market maker at Hambrecht & Quist.


Agency broker Rosenblatt Securities hired three floor brokers and a clerk from independent floor brokerage firm Joseph A. Sangimino Inc. The three brokers are Joseph A. Sangimino, Robert J. DeGaetano and Salvatore D. Aquino. The traders and clerk Anthony Castelli join Rosenblatt's existing floor unit.


KeyBanc Capital Markets recently promoted Kevin Kruszenski to director of trading for institutional equities. He oversees both sales and risk for listed and Nasdaq trading, as well as the firm's algorithmic trading effort and its corporate services group. Also, Sharon Faska, a 25-year sales trading veteran, was promoted at KeyBanc Capital Markets. She services clients in Canada and the southeast United States.


The Nasdaq Stock Market announced the four members elected to its board of directors for one-year terms. They are Daniel B. Coleman, Lon Gorman, Glenn H. Hutchins and Thomas F. O'Neill.

Coleman, who has extensive trading experience across asset classes, is joint global head of equities at UBS Investment Bank and a member of its management committee. Gorman, who oversaw all of Schwab Capital Markets' trading businesses across asset classes, was vice chairman at Schwab before he retired. Hutchins, who has extensive experience in the private equity business, is a co-founder of Silver Lake and a managing director there. O'Neill, who began his Wall Street career in 1972, is a founding partner of Sandler O'Neill & Partners.