Article Abstract:
Program trading accounted for 17.7 million shares on the New York Stock Exchange (NYSE) in Oct 1989, according to a NYSE report. This amounted to 9.7 percent of the average daily volume of 182.4 million shares and was the third-highest program-trading volume since Aug 1988. Index arbitrage accounted for 53.8 percent of Oct 1989 program trading. Morgan Stanley and Co; Salomon Brothers Inc; Kidder, Peabody and Co; Susquehanna Investment Group; and Bear Stearns Companies executed the most program trades, accounting for 62 percent of the total.
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Article Abstract:
The Arizona Commerce and Economic Development Commission approves a $700,000 loan that will pay for the relocation of Wunsch Auction Systems Inc, from Minneapolis, MN, to Arizona. Wunsch is an electronic trading business that trades about 3,100 stocks. The Arizona Corporation Commission, which seeks to strengthen business conditions for small-sized and medium-sized businesses in that state, favors Wunsch's relocation. Wunsch's president and CEO, Steven Wunsch, will rename the company the Arizona Stock Exchange.
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Article Abstract:
Electronic stock trading will begin in Milan, Italy on Monday, Nov 24, 1991. Some, including floor traders and brokers, are concerned, fearing that the transition to a computerized system might further depress an already slow market. Lucio Rondelli, chairman of Generale Telematica Borsa who will oversee the transition, believes that the market will benefit. Milan's changeover to a computerized trading system represent part of a larger effort aiming to make Italian exchanges more competitive in Europe.
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