WALL STREET: Turning Down The Volume

Turning Down The Volume

Has program trading been tamed? The practice, which many investors suspect of contributing to last October's crash, has at least simmered down. In the first of a series of monthly program-trading reports, the New York Stock Exchange said last week that such transactions during July amounted to only 10.1% of the Big Board's volume. That percentage has declined from a level of 15% to 20% a year ago, according to some estimates.

Since the crash, many legislators have urged a clampdown on program trading, in which large blocks of stocks and futures contracts are simultaneously traded to reap a quick profit...

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