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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March 7, 2008

BATS' Exchange Push

By Peter Chapman

BATS Trading submitted its exchange application to the Securities and Exchange Commission in November. The ECN expects the SEC will soon publish its application for public comment, according to chief executive officer Joe Ratterman. To lead the company's efforts in its consultations with the SEC, the ECN hired Eric Swanson, based in New York, as its general counsel. Swanson worked for the SEC from 1996 to 2006, rising to assistant director in the Office of Compliance Inspections and Examinations' market oversight unit. His duties included supervising the SEC's inspection program responsible for regulatory oversight of trading on the securities exchanges and ECNs. By volume BATS is now only behind the New York Stock Exchange, Nasdaq and NYSE Arca. In December, it matched 5 percent of all NYSE-listed shares and 8 percent of all Nasdaq-listed shares.

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