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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September 17, 2008

People On The Move

By Editorial Staff

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  • People On The Move

Richard Waks has been named president and CEO of Heflin & Co., Los Angeles. Waks, a longtime sales trader who joined Heflin & Co. in early 2007, now runs day-to-day management of the firm. He replaces founding partner Michael Heflin Jr., who remains chairman.


Bill Perry was named chief executive officer of Standard Life Investments USA in Boston. Perry, who started as a sellside trader 20 years ago, has spent almost his entire career in trading and on the buyside. He will be responsible for the $7 billion firm's strategic development. For the last two years, Perry has been involved in management at Standard Life as a managing director. Prior to that, Perry headed equity trading there. Before he joined Standard Life in 2003, his two previous senior trading stints were at two big Boston-based investment managers: at Putnam Investments, where he was a sector trader, and at Fidelity Investments. 


Peter Lewis was hired as a managing director to head the New York office of Tora Trading Services, which offers a multi-broker platform to trade the Asian markets. Lewis, a 22-year veteran at Citi Global Markets, played an integral role in the development of electronic trading at the giant investment bank. At Citi, Lewis held management and sales positions in international equity program trading, electronic trading and the alternative execution group. Lewis also co-managed two acquisitions at Citi: Lava Trading and Best Execution Consulting Services, or BECS.


Richard Francis Knox joined Morgan Joseph & Co.'s Boston office as a managing director and sales trader. Knox previously was a senior vice president at LaBranche Financial Services, where he headed the Boston institutional trading desk. Before that he was a senior coverage trader at Raymond James & Associates, director of institutional trading at RBC Capital Markets, a senior vice president of Nasdaq trading at Tucker Anthony and a vice president of institutional trading at Adams, Harkness and Hill. All these positions were in Boston, where he launched his career at Putnam Investments, spending most of his nine years at the firm as a vice president of equity trading.


Doug Aronstein joined Piper Jaffray as head of program trading. He will be based in the New York office. Aronstein, a 15-year veteran, joins Piper from Bank of America, where he was previously a principal in electronic trading services and focused on growing the program trading business with North American and European clients. Prior to Bank of America, he was head of international program trading sales at Deutsche Bank.


Steve Brodsky has left the Chicago Stock Exchange. The former president of the exchange joined private equity firm Vernon & Park Capital, where he will evaluate investment opportunities. Brodsky was president of CHX Holdings, the exchange's parent company, since May 2007. The Chicago has put itself up for sale.