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To: Box-By-The-Riviera™ who wrote (311187)	8/19/2005 7:02:36 PM
From: Pogeu Mahone	Read Replies (1) \| Respond to of 436258

In WSJ 8/17/05 pB3B "Wall Street Turns to Algorithms For Faster Trades, Lower Costs": ...trading algorithms increase message traffic on the exchanges as they adjust and readjust orders. According to one measure provided by Nasdaq, message traffic has doubled since about a year ago and is up more than threefold since the beginning of 2004, which the exchange said is a sign of the increased use of algorithms. Plus, trade sizes are getting smaller, which is a mark of the trading algorithms. Average execution size for algorithmically placed trades at Banc of America is down to 180 shares...That is from orders of several thousand shares...the drop in trade sizes is both a reason for the increased use of algorithms, as well as a result of it. "The decreasing trade size was primarily kicked off by decimalization and algorithms evolved to fill the need for trading in smaller sizes." ...