NYSE Launches Basket Amid Program Trading Phobia
THIS WEEK'S LEAD STORIES
When the New York Stock Exchange's long-awaited basket of Standard & Poor's 500 index stocks (TST, June 19) began trading on Oct. 26, nine of the $5 million baskets were traded. Actually, eleven should have traded, but a software glitch bungled two transactions.
Ironically, introduction of the basket coincided with a renewed backlash against program trading, which the basket is designed to exploit. Since the Oct. 13 stock market plunge, fears of program trading, first sparked after the 1987 crash
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