Program Trading Dropped Last Week On NYSE
October 29 2009 - 2:57PM
Dow Jones News
Program trading fell last week on the NYSE Euronext's (NYX) New
York Stock Exchange, although overall trading volume rose.
The daily average was 653.6 million out of the 2.59 billion
total shares that changed hands, or 25.2%. That is down from the
prior week's rate of 28.6%, or 725.9 million of the 2.54 billion
shares that traded on average.
The most active NYSE member firms for program trading last week
was Goldman Sachs Group Inc. (GS) at 825 million for the entire
period, followed by Morgan Stanley (MS) at 562.1 million and
Barclays PLC (BCS) at 342.1 million. Goldman's figure was above the
prior week's trading, while Morgan Stanley and Barclays posted
declines.
Program trading encompasses a wide range of portfolio-trading
strategies involving the purchase or sale of a basket of at least
15 stocks.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com