Program-trading volume retreated on the New York Stock Exchange
last week compared with the previous week's surge and represented a
smaller share of total trading activity, according to the
subsidiary of NYSE Euronext (NYX).
Stocks held their ground generally last week after they advanced
the week prior, catching up after a holiday hiatus and reacting to
string of positive economic reports.
Daily program-trading volume in the week ended Friday was 589.2
million shares, or 26% of the average total of 2.26 billion. That
compares with 790 million shares, or 34% of the average total of
2.33 billion, a week earlier.
The most-active NYSE member firm for program trading last week
was Goldman Sachs Group Inc. (GS), followed by Morgan Stanley (MS)
and Barclays PLC (BCS, BARC.LN)--a frequent top-three lineup.
Program trading encompasses a wide range of portfolio-trading
strategies involving the purchase or sale of a basket of at least
15 stocks.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com