These are the seven biggest names behind quant high frequency trading aka HFT according to CNBC

(Last Updated On: September 21, 2010)

These are the seven biggest names behind high frequency trading aka HFT according to CNBC
These are the highlights fom a high profile CNBC article:
David Whitcomb and Steven Swanson
. What came to be known as Automated Trading Desk, or ATD, was launched in the late 1980s by a small group of finance and computer whizzes, including David Whitcomb and Steven Swanson. Convinced that computers could automate the function of market makers, who buy and sell stocks on behalf of clients, Whitcomb got in touch with James Hawkes, a former student who was teaching statistics at the College of Charleson in South Carolina. They eventually brought on a team of computer and math experts—including Swanson —and set up shop in Hawkes’ house.
Dan Tierney and Stephen Schuler
In October 1999, on a Friday afternoon, they founded Getco—short for Global Electronic Trading Co.—over a handshake. They set up shop in a tinyChicago Mercantile Exchange office lined with computers and started trading futures contracts tied to the S&P 500.
Dave Cummings
Instead, Cummings runs his world-class high-frequency trading outfit, Tradebot Systems, out of a small nondescript office in Kansas City.
Cummings got his start a pit trader swapping wheat futures at the Kansas City Board of Trade in the mid-1990s. But the cererbral Cummings, who’d earned degrees in computer programming and electrical engineering from Purdue University, quickly realized that the actions of pit traders could be replicated by a computer. In short order he designed a program and started trading with it in the late 1990s.
To Cummings’ dismay, however, in the early 2000s, the NYSE and NasdaqOME [NDAQ 19.5203 -0.1797 (-0.91%) ] , rather than create their own electronic platforms, started to scoop up their rivals—NYSE Euronext [NYX 29.401 -0.169 (-0.57%) ] merged with Archipelago; Nasdaq purchased Brut and then Island (which had merged with another elecronic market, Instinet). To create more competition, Cummings launched his own ECN—Better Alternative Trading System, or BATS. Today, BATS controls about 10% of U.S. stock market volume.
Manoj Narang
A math and computer expert, Narang worked at Wall Street firms such as Citibank and Goldman Sachs in the 1990s. He founded Tradeworx in 1999, initially selling trading software to retail investors. He later launched a hedge fund and in late 2008 started an ultrafast trading operation juggling S&P 500 ETFs such as “Spiders,” and about 300 stocks, at rapid speeds. Narang estimates that trading in Tradeworx’s HFT system, which has about $10 million in capital, accounts for about 3 percent of daily volume in Spiders.
Vincent “Vinnie” Viola
In late 2008, Viola founded the International Derivatives Clearing Group, a clearing platform for interest-rate swaps. Early the next year, he started Virtu Financial, a high-frequency trading operation, in New York.
Mark Gorton
A serial entrepreneur, Gorton is known as something of a creative genius who just happens to run one of the most sophisticated trading outfits in the U.S.
Gorton and CSFB colleague Alistair Brown founded Tower in February 1998, using their own money and cash from friends and family. The firm looked for small anomalies in relationships between securities. Gorton’s hunger for speed was so great that he decided to form his own brokerage to execute his trades, founding Lime Brokerage in 2000. It soon began to cater to other high-speed funds and today is known as one of the most sophisticated brokerages on Wall Street.
Richard Gorelick
helped found RGM in 2001 along with two computer software developers Robbie Robinette (a physics expert) and Mark Melton (electrical engineering and artificial intelligence).
RGM started trading US stocks but has expanded into multiple markets. The firm is known for its use of machine learning, a branch of artificial intelligence that crunches terabytes of data at high speeds in order to predict what will happen next.
From: http://www.cnbc.com/id/39038892/

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