DOW JONES NEWSWIRES
Program-trading volume plunged 56% on the New York Stock
Exchange last week, as it represented a smaller proportion of
sedate total trading activity ahead of the Christmas holiday,
according to the subsidiary of NYSE Euronext (NYX).
Trading is usually light in the latter weeks of December. Last
week also had one less day of trading than the prior one because
the exchange closed Dec. 24 to observe the Christmas holiday, which
fell on a Saturday this year.
Daily program-trading volume in the week ended Dec. 24 was 471.7
million shares, or 29.8% of the average total of 1,584.1 million
shares. That compares with 1.08 billion shares, or 41.4% of the
average total of 2.62 billion shares, a week earlier.
The most-active NYSE member firm for program trading last week
was Morgan Stanley (MS), followed by Goldman Sachs Group Inc. (GS)
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