1
 Program trading on the New York Stock Exchange in September rose to its highest recorded level as a percentage of total monthly trading volume.
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 September program trading amounted to 13.8% of average daily New York Stock Exchange volume of 151.8 million shares, the largest percentage 
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since the exchange began making such figures public in July 1988.
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 A daily average of 20.9 million shares traded in program strategies in September, the second-highest level ever.
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Comparison

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 The highest level was in June 1989, 
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when a daily average of 22.1 million shares traded in program strategies.
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temporal-same-time

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 Average daily trading volume in June of 180.3 million shares was considerably higher than in September.
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 Program trading amounted to 12.3% of average daily volume in June.
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comparison

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 The Big Board says 
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attribution

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program trading describes a variety of strategies 
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involving the purchase or sale of a basket of 15 or more stocks.
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 The most controversial of these is stock-index arbitrage, 
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in which traders buy or sell baskets of stocks 
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and offset the position with an opposite trade in stock-index futures 
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to lock in profits.
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 It's the most controversial form of program trading 
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because it can create abrupt price swings in the stock market.
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explanation-argumentative

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 Salomon Brothers Inc. was the top program trader in September, 
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but most of the firm's activity involved portfolio trading strategies other than stock-index arbitrage.
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 Overall, Salomon reported program trading volume of 75.2 million shares.
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elaboration-additional

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 The top stock-index arbitrage firm last month was Morgan Stanley & Co. 
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Of Morgan Stanley's 66.8 million shares in program trades for the month, 53.1 million were in stock-index arbitrage trades.
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explanation-argumentative

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 Behind second-place Morgan Stanley were Kidder, Peabody & Co., Goldman, Sachs & Co. and CS First Boston Inc. 's First Boston Corp. unit.
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Comparison

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