Program trading activity grew last week on the New York Stock
Exchange as overall trading activity was also up, according to the
subsidiary of NYSE Euronext (NYX).
The increase comes as the Dow Jones Industrial Average has
mostly risen since early December, and moved above the 12000 mark
for the first time in almost three years on Wednesday.
Daily program trading volume in the week ended Jan. 21 was 765.9
million shares, or 31% of the average total of 2.47 billion shares.
That compares with 512.1 million shares, or 26.1% of the average
total of 1.96 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 Nomura Holdings Inc. (NMR, 8604.TO).
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