DOW JONES NEWSWIRES
Program-trading volume rose on the New York Stock Exchange last
week, as overall activity also was up sharply in another volatile
period for markets, according to the unit of NYSE Euronext
(NYX).
The higher overall activity comes in the wake of Congress's
approval of a package to raise the U.S. debt ceiling and Standard
& Poor's historic downgrade of the U.S. credit rating to
double-A-plus.
Daily program-trading volume in the week ended Friday totaled
1.3 billion, or 31.3%, of the average daily total of 4.15 billion.
A week earlier, program-trading volume totaled 941.9 million
shares, or 29.8%, of the average daily total of 3.16 billion
shares.
The most-active NYSE member firm for program trading last week
was Latour Trading LLC, followed by Morgan Stanley (MS) and Goldman
Sachs Group Inc. (GS). This is the second straight week Latour
Trading has topped the list. The latter two firms frequently top
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 Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com