Program trading in the week ended March 25 accounted for 55.7%, or an average of 900 million shares daily, of New York Stock Exchange volume. Brokerage firms executed an additional 550.4 million daily shares of program trading away from the NYSE, with 2.7% of the overall total on foreign markets. Program trading is the simultaneous purchase or sale of at least 15 different stocks with a total value of $1 million or more.
Distribution of motives:
Of the program total on the NYSE, 8.7% involved stock-index arbitrage.
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