Anyway, after 1987 curbs were placed on program-trading to try to rein it in.
The only legitimate purpose of program-trading is in index arbitrage, which was originally its only activity.
But program-trading to take advantage of investors, or to manipulate markets, is not legitimate and should be banned.
Well, the markets were a lot more stable, liquid, and understandable before computerized program-trading became such a force.
Wall Street was then successful in having the uptick rule repealed in 2007, and the New York Stock Exchange confirmed in November, 2007 that it had scrapped the curbs on program-trading firms.
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The very low volume indicated it was also due to the activities of other short-term traders, including program-trading firms and flash-traders, in there every day doing their job of making short-term trades for quick profits.
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Later in the program, trading snowmobiles for stegoceras bones--a look into the international fossil market.
Analysts said that in the previous quarters that bank had begun an extensive risk-cutting program and reduced its large trading positions, following the losses from rogue trader Jerome Kerviel.
For instance, eight Northeastern states are developing an initiative setting state-level emissions caps and establishing a trading program.
The largest independent firm, LaBranche (nyse: LAB - news - people ) warned last week that it would miss first-quarter expectations, blaming low volatility and a higher percentage of program trading activity.
First unveiled in 2005, EU-ETS requires aircraft operators flying within EU airspace to participate in a carbon credit trading program.
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The U.S. Commodity Futures Trading Commission, another federal agency, has a virtually identical whistleblower program created pursuant to Dodd-Frank.
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