Program trading rose last week on the NYSE Euronext's (NYX) New
York Stock Exchange, although total volume fell during the last
week of the year.
The daily program-trading average was 441.3 million, or 31.3%,
out of the 1.41 billion total shares that changed hands. That is up
from the prior week's rate of 25.1%, or 392.4 million of the 1.56
billion that traded, on average.
The most active NYSE member firm for program trading last week
was again Goldman Sachs Group Inc. (GS) at 503.5 million for the
entire period, followed by Morgan Stanley (MS) at 283.2 million and
Deutsche Bank AG (DB, DBK.XE) at 141.6 million. Goldman and Morgan
Stanley's figures were higher than the prior week, while Deutsche's
was slightly lower.
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