Program Trading In Japan: Unwelcome Import Thrives
THIS WEEK'S LEAD STORIES
As the Japanese market has plunged over the past few weeks, program trading has been identified as a culprit, as it was during the U.S. stock market crash of 1987 and again during the mini-crash last fall. Just as the New York Stock Exchange has taken measures to restrict the practice since October, 1987, the Tokyo Stock Exchange is curbing it now, as volatility continues. Program trading received particular scrutiny in Japan at the end of last week, when a number of futures contracts expired.
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