In the late 1980s, program trading (currently known as computer trading) caused a huge drop in the stock markets.
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The New York Stock Exchange reports such program trading now accounts for more than 30% of its daily trading volume.
Seventy percent of trading in the markets is high frequency program trading.
At Deutsche Bank, Karofsky reports to Gahan and Ralph Reynolds , Deutsche Bank's head of global cash equities, program trading and prime services.
There are echoes here of the herd instincts let loose by the program trading of 1987, or the dotcom mania of the recent equity bubble.
Back then, program trading, computer robotic dealers caused an avalanche of selling that blew up the markets in a catastrophic vicious circle of robot trading.
Average daily stock volume rose 10% at the NYSE last year, and program trading accounted for 57% of daily trades, up from 50% the year earlier.
The 1987 crash, when the Dow lost 20% in a matter of hours, was blamed squarely on program trading, in which computers are set to sell (or buy) when stocks hit a certain threshold.
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.
Later in the program, trading snowmobiles for stegoceras bones--a look into the international fossil market.
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Wall Street was then successful in having the uptick rule repealed in 2007, and the New York Stock Exchange confirmed in November, 2007 that it had scrapped the curbs on program-trading firms.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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It will maintain its ADR program to allow trading of ADSs in the OTC market.
For instance, eight Northeastern states are developing an initiative setting state-level emissions caps and establishing a trading program.
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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In 2010, news came that companies could soon be looking at a carbon trading program, though the plan was eventually scotched.
D. program and began trading four years ago, recently spotted on his screen an anonymous seller immediately matching each "inside, " or best, offer in Broadcom.
Last week, the New York Stock Exchange announced it has taken an ownership stake in the Receivables Exchange and will form a joint program to offer trading in corporate accounts receivable.
According to an analysis performed by advanced analytics consulting firm Emerald Logic, factoring in WiseWindow data on top of a simple momentum trading program boosted returns by over 30% on an annualized basis for GM, Ford, and Southwest Airlines.
For example, the first phase of the EU Emissions Trading program, which contained several design flaws that have since been rectified, has already been found to have reduced emissions by around 100 million tonnes of CO2 mostly by forcing a shift of load from coal to gas power plants and providing an incentive for inefficient coal plants to improve the thermal efficiency of their boilers.
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.
In the following years, he gave numerous presentations of his methods at The Traders Expos, and by 2007 pivot points were a common feature of pretty much every trading or technical analysis program.
Carbon trading would likely be limited to participants in the program like power producers and manufacturers.
In the meantime, Benioff, diversifying his personal assets, has a program to sell 10, 000 shares of his holdings each trading day, it appears.
"The program is done to help educate them on what sales and trading is all about, " says Deborah Korb, the company's Campus Marketing Manager for North America.
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