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.

Traders Poll

Are you in favor of a pilot program and examination of the rebate system by the SEC?




Free Site Registration

December 8, 2009

SEC's New Head of Trading

By Nina Mehta

The Securities and Exchange Commission named Robert W. Cook, a partner at law firm Cleary Gottlieb Steen & Hamilton, as the new director of the Division of Trading and Markets.

Robert W. Cook

Cook, a partner in the Washington, D.C. office of Cleary Gottlieb, has focused in recent years on over-the-counter derivatives transactions, new financial products, securities trading and compliance issues.

"Robert has an incredible grasp of the issues confronting the division and a deep understanding of securities markets," SEC Chairman Mary Schapiro said.

Among other topics, the Division of Trading and Markets is currently focused on hot-button issues related to short selling, high-frequency trading, dark pools, flash orders and co-location. The SEC is also under the gun from Senators Charles Schumer, D-N.Y., and Ted Kaufman, D-Del., both of whom have criticized the Commission for what they describe as weak oversight of the securities markets. The senators have agitated for new regulations and a broad review of market structure issues.

Cook, who is 44, joined Cleary Gottlieb in 1992. He received a law degree from Harvard Law School that same year, and an M.S. in industrial relations and personnel management from the London School of Economics in 1989. He was an undergraduate at Harvard University.

 

(c) 2009 Traders Magazine and SourceMedia, Inc. All Rights Reserved.

http://www.tradersmagazine.com http://www.sourcemedia.com/