DOW JONES NEWSWIRES
Program trading volume on the New York Stock Exchange grew in
the week ended Oct. 15 from a week earlier as total volume also
grew, according to the subsidiary of NYSE Euronext (NYX).
Overall trading has been muted of late compared with historical
standards. Still, U.S. stocks defied expectations last month to
register their biggest September rally since 1939. The rally has
mostly continued this month.
Daily program-trading volume last week was 645.5 million, or
28.5% of the average total of 2.26 billion. That is up from 550.8
million, or 27% of the average total of 2.04 billion, the week
earlier.
The most active NYSE member for program trading last week was
Goldman Sachs Group Inc. (GS), followed by Morgan Stanley (MS) and
Deutsche Bank AG (DB, DBK.XE).
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