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PROGRAM TRADING
NEW YORK - Program trading in the week ended Dec. 10 accounted for 7,1 %, or an average 20.1 million daily shares, of New York Stock Exchange volume.
Brokerage firms executed an additional 15.1 million daily shares program trading away from the Big Board, mostly on foreign markets. Program trading is the simultaneous purchase or sale of at least 15 different stocks with a total value of $1 million or more.
Of the program total on the Big Board, 22.5% involved stock-index arbitra	ae, up from 19%
the prior week. In this strategy, traders dart between stocks and stock-index options and futures to capture fleeting price differences. Some 51.7% of program trading was executed by firms for their customers, while 35.3% was for their own accounts or principal trading. An additional 13% was designated as customer facilitation, where firms use principal positions to facilitate customer trades. Of the five most-active firms, Nomura Securities executed most of its program tradinn for its
own accounts, while Morgan Stanley, Bear Steams, First Boston and Salon-	non Brothers did
most of their program trading for their customers.	
NYSE PROGRAM TRADING	
Volume (in millions of shares) for the week ending	
December 10, 1993	
Index Derivative- Other	
Top 15 Firms Arbitrage Related* Strategies	Total
Morgan Stanley .... 0.5 12.0	12.5
CS First Boston .... 0.4 12.1	12.5
Salomon Bros. 0.4 0.3 10.9	11.6
Bear Steams .... 0.6 6.9	7.5
Nomura Securities 4.2 .... 2.6	6.8
Cooper Neff .... 4.5 0.7	5.2
Susquehanna 4.1 .... 0.5	4.6
Nikko Securities .... .... 4.4	4.4
UBS Securities 3.3 .... 1	4.4
Daiwa Securities 2.1 .... 1.7	3.8
Lehman Brothers .... 1.1 2.6	3.7
W&D Securities 0.3 .... 3.4	3.7
Goldman Sachs .... 0.2 2.9	3.1
Thomas Williams 2.6 .... 0.1	2.7
Mernll Lynch .... .... 2.7	2.7
OVERALL TOTAL 22.6 8.2 69.7	100.5
*0ther derivative-related strategies besides index arbitrage	
Source: New York Stock Exchange	

. 21.6.      
: Wall Street Journal,  Dow Jones & Company, Inc., December 17, 1993, p. C16.