Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

Yes

73%

No

4%

Doesn't matter to me

23%

Free Site Registration

August 31, 2001

The Biggest Programmers

By Gregory Bresiger

Regulators continue to study program trading as a source of market volatility and as a possible new area for additional regulation.

A new report has cited five firms as the biggest program trading operations on the New York Stock Exchange. They include UBS Warburg, which executed the most program activity as a principal for its own account, according to recent figures from the New York Stock Exchange. Other big programming trading firms included Bear Stearns and Spear Leeds. They executed most of their program trades as an agent for customers.

Goldman Sachs and RBC Dominon, two other big program traders, split their activity between acting as an agent and a principal, according to Big Board officials. Program trading amounted to 27.6 percent of average daily Big Board volume of 1,010 million shares, exchange officials said.