DOW JONES NEWSWIRES
Program trading volume jumped sharply on the New York Stock
Exchange last week, rebounding from a lull during the holiday
season, according to the subsidiary of NYSE Euronext (NYX).
Although overall daily program trading volume increased, the
percentage of daily volume fell as overall daily volume was much
lower in the prior period. Trading is usually light in the final
weeks of the year.
Daily program trading volume in the week ended Jan. 7 was 610
million shares, or 27.7% of the average total of 2.21 billion
shares. That compares with 348.7 million shares, or 31.8% of the
average total of 1.1 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 John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com