DOW JONES NEWSWIRES
NYSE Euronext's (NYX) New York Stock Exchange reported program
trading amounted to 30.6% of the NYSE's average daily volume last
week, picking up from the week before.
As volume continues to dry up despite a raft of quarterly
reports from corporations, program trading averaged 816.6 million
shares daily of the 2.67 billion that changed hands. In the prior
week, 665.9 million shares, or 27.8% of average daily volume of 2.4
billion, were part of program trades.
The most active NYSE member firms for program trading last week
was Goldman Sachs Group Inc. (GS) at 796 million shares for the
entire period, followed by Morgan Stanley (MS) at 737.9 million.
The duo were far above any other member firm in program
trading.
Program trading encompasses a wide range of portfolio-trading
strategies involving the purchase or sale of a basket of at least
15 stocks.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com