Automated Trading Picks Up Steam On Wall Street

Automated Trading Picks Up Steam On Wall Street - 8/9/2005

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Automated Trading Picks Up Steam On Wall Street
Staff Writer – Dallas Morning News

Securities Mosaic. August 9, 2005
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EXCERPT: Millions of shares of stock change hands every day at Investment Technology Group Inc., but hardly a word is exchanged among the roomful of traders. ITG's quiet trading floor on tony Madison Avenue offers a hushed contrast to the yelling frenzy that occurs at the Big Board 70 blocks south on Wall Street. "Our clients either send their trades to us electronically, and we will get them executed, or we offer them the software and they can trade into the marketplace from their offices," said Anthony Huck, managing director at ITG. "Our programs will search everywhere to find the best prices." ITG sits on the front lines of program trading -- the computerized, big-lot transactions for institutional clients that now account for nearly 30 percent of the daily volume on the New York Stock Exchange, about double the level of just two years ago. The use of computers with programmed instructions to ram through orders has changed the rhythms of Wall Street pros and, in subtle ways, touches Main Street investors, too. Ever notice how often stocks make their biggest moves in the first and last hour of trading? That's usually the result of millions of program trades kicking in, rather than millions of small investors trading. Often the trades have little to do with the day's market news. And if you consider yourself unaffected by the computerized stock churning just because you're a cautious, casual dabbler in mutual funds, think again.

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