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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: bart13 who wrote (82601)	6/12/2007 3:57:06 PM
From: Joe Stocks	Read Replies (1) of 110194

Program Trading - Bart, I found the program trading charts on your site. Thanks. Here I thought I was the only one watching. IMO, current program trading levels are the biggest threat we have to the NYSE remaining a free market system. What am I saying...the free market is already gone. Last week (week ending 6-1) program trading accounted for 75% of total volume on the NYSE. No consideration for value, no consideration economic news or events. It's the the big NYSE member banks toy for manipulating the market through the prime brokerage units which allows them to collude in their scheme. This chart below really doesn't do the growth of program trading justice. Back in 1999 program trading was running at just about 19%. The second chart says more Here's the link to last week's report. LEH and GS accounted for a full 31% of all program tradin reported. nyse.com

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