Complex sentence: Timber Hill was formed in 1982, and in 1983 were the first to use handheld computers for trading, allowing them to track positions and rapidly re-price options on one stock, unlike others who used fair value pricing sheets updated once or twice a day.
Split into simpler sentences: Timber Hill was formed in 1982, and in 1983 created the first handheld computers used for trading. Their ability to track positions and continually re-price options on one stock quickly contrasted with counterparts at the exchange who continued to use fair value pricing sheets that were updated only once or twice a day.