Program Trading Surged Last Week On NYSE; Volume Jumps

1st Jul 2010 16:11

DOW JONES NEWSWIRES Program trading surged last week on the NYSE Euronext's (NYX) New York Stock Exchange, while total volume grew as the market reacted to housing news, the Federal Reserve's interest rate meeting and the ongoing banking-overhaul legislation. The daily program trading volume average was 1.44 billion, or 44.2% of the average total of 3.26 billion. Those figures were up from 912.6 million, or 34.3% of the 2.66-billion-average volume posted the prior week. The most active NYSE member for program trading last week was Morgan Stanley (MS). It was followed by Goldman Sachs Group Inc. (GS), Deutsche Bank AG (DB, DBK.XE) and Barclays PLC (BCS, BARC.LN). 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; [email protected] (END) Dow Jones Newswires July 01, 2010 11:11 ET (15:11 GMT)