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Program Trades

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Program trades
Orders requiring the execution of trades in a large number of different stocks at as near the same time as possible. Also called basket trades. Related: Block trade
Program Trade
A large trade executed automatically by a computer on behalf of institutional investors. Program trades are usually open orders in which the computer is programmed to wait until a certain price prevails before buying or selling a large quantity of securities. Because of the large number involved, program trading may lead to increased market volatility; because of this, program trading has been blamed for the 1987 Stock Market Crash, selling automatically as prices were reached, making the problem worse. Exchanges now limit the times when program trades may occur to prevent a recurrence. Program trading is also called basket trading. See also: Algorithmic trading.
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But Laszlo Birinyi, president of Birinyi Associates, a research firm that tracks program trading, said program trades only accelerated a trend that was already in the market.
DOW TUMBLES 130.31 POINTS; WIDESPREAD SELL-OFF ERASES GAINS OF WEEK by Daily News (Los Angeles, CA)
Program trades are usually undertaken blind; that is, the broker does not know the exact composition of the portfolio and must use his judgement in deciding whether or not a particular portfolio should be acquired.
The debate over computer-assisted trading: who is right? by Essinger, James / Financial Executive
 
 
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