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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December 2007 Edition

Letter from the Editor

Upon Further Review

One evening this past summer, I ran into Duncan Niederauer on the train system that connects lower Manhattan and New Jerseythe PATH. I was coming off a deadline, and Duncan was on his way home from the BIDS launch party (the crossing network now starting a block-trading joint venture co-owned by the NYSE, as it happens). An unexpected meeting, indeed, as few execs choose mass transit. The meeting allowed me to catch up with him for the first time since he'd left Goldman Sachs to become co-president of NYSE Euronext's U.S. trading arm. We chatted, said our goodbyes, wished each other luck. He exited, fittingly, at Exchange Place. Seems his preferred mode of transportation to work is driving his pickup truck to Jersey City and taking the PATH, or driving right to the NYSE. No daily car service for this exec. Well, I doubt I'll be running into Duncan Niederauer on the PATH going forwarddespite his regular-guy approachnow that he's running the show at parent NYSE Euronext. I wish Duncan the best in his new endeavor leading a global organization. As last month's cover story pointed out, he's got his work cut out for him.

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