Program trading dropped sharply on the New York Stock Exchange
last week as total trading also declined, retreating from after a
strong showing the week prior, according to the subsidiary of NYSE
Euronext (NYX).
Daily program trading volume in the week ended March 25 reached
504.6 million shares, or 28.1% of the daily average total of 1.79
billion. That compares with 1.01 billion shares, or 36.8% of the
daily average total of 2.74 billion, 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 sales of a basket of at least
15 stocks.
Shares in NYSE Euronext were down 0.4% at $35.04 in after-hours
trading.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com