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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November 13, 2007

On The Move

By Editorial Staff

Also in this article

  • On The Move

Tom Sanders joined Rosenblatt Securities as a managing director to build an international trading desk. Sanders was a managing director at Bank of America, where he ran the New York-based international desk.

Prior to that, Sanders traded European equities for NatWest Securities and European, Latin American and South African equities for UBS. Sanders got his start in the business trading OTC stocks for Drexel Burnham and McDonald & Co.


Ryan Keough joined trading technology firm GL Trade as managing director of Trading Connect New York. He is responsible for client services, marketing, sales, operations and product management for the business unit. For the last seven years, Keough ran sales as senior managing director for the order management system maker SunGard Brass. He is based in New York City.


The International Securities Exchange brought in Patricia Sharp to manage customer relationships as its new director of business development. She is based in New York City. For the previous year, Sharp was responsible for developing customer relationships as manager of business development at the National Stock Exchange.


The American Stock Exchange appointed Patricia Rado president and chief operating officer. Rado, the former vice president, controller and chief accounting officer of Public Service Enterprise Group, will be responsible for managing the operations and growth of Amex's businesses. Rado, who retired from PSEG in January, is a former independent governor of the Amex board of governors. She has served as chairwoman of the audit committee, member of the finance committee and member of the executive committee. Recently, she headed an independent task force that reviewed technology issues at the exchange.


Agency broker Instinet named John Comerford as executive vice president, global head of trading research. Comerford, who will be based in the firm's San Francisco office, will lead Instinet's global development of algorithms, transaction-cost control and measurement tools, as well as its market microstructure research.

Comerford previously held a similar role at Nomura Securities International, Instinet's parent company, where he served as managing director, head of global quantitative trading. Before joining NSI in 2003, where he helped develop the firm's algorithmic trading and TCA products, Comerford spent eight years at Symphony Asset Management as a portfolio manager and an equity trader.


Kevin Callahan has been appointed head of a new business unit at JonesTrading that will offer block trading to public companies and private equity firms. The firm's new agency capital markets effort-called Capital-on-Demand-looks to compete with firms that offer traditional secondary offerings.

Callahan previously had been JonesTrading's head of national sales. Steve Tullar, a JonesTrading veteran, replaces him. Tullar joins Callahan and president and COO Will Geyer on the firm's executive committee. Both report to Geyer.


Mark Schlarbaum, who recently ran his own hedge fund, joined Global Capital Management as director of equity trading. Prior to joining the $1.1 billion Conshohocken, Pa.-based equities manager, Schlarbaum was a senior equity trader at T. Rowe Price earlier in his career. There, he traded both equities and options for the New Horizons Fund, Health Science Fund and its Developing Technology Fund. He also managed its options trading strategies firm-wide.


Phil Rapp has retired from LaBranche Financial Services, where he headed the firm's institutional marketing effort. Rapp, a 15-year veteran, previously was involved in broker-dealer sales at Knight Securities and