Program trading volume grew on the New York Stock Exchange last
week, though it represented a lower percentage of total trading
activity, according to the subsidiary of NYSE Euronext (NYX).
Daily program trading volume in the week ended May 6 totaled
603.6 million shares, or 28.7% of the daily average total of 2.1
billion. A week earlier, program trading volume was 545.6 million
shares, or 29.8% of the average of 1.83 billion.
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)--all three frequently at the top of
the list.
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