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The Biggest Programmers

Traders Magazine, August 2001

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.

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