NYSE's call for restraint draws jeers

Article Abstract:

Brokers are angered by the New York Stock Exchange's (NYSE) program trading reform package. The NYSE has called for voluntary restraints and has informed traders that, when the Down Jones Industrial Average falls below 30 points, it will delay the processing of program trades by 15 minutes. When the average falls below 75 points, program trades will be delayed by 30 minutes. Disgruntled traders counter that NYSE's measures are shortsighted and ineffective. According to one veteran trader, curbs on program trading should apply to sharp rises in the stock market as well as to sharp declines. Others complain that the measures are not sufficiently extensive to affect the market. Representative Edward Markey, Democrat of Massachusetts, had a rather unique reaction, arguing that, since voluntary restraints have failed to solve pollution, drugs and weapons problems, it is hopeless to expect them to work on the stock market.

Beliefs, opinions and attitudes, Markey, Edward J., Stock transfer

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A better way to track your assets

Article Abstract:

The Frank Russell Company has designed a new financial software system for the Yasuda Fire and Marine Insurance Company. The new asset-allocation model is reported to be much faster and more powerful than other such systems used on Wall Street. These systems rely on computer-generated models to guide corporate investments. The new package comes at a time when much of the market has lost faith in the ability of asset-allocation systems to function properly in the marketplace. Some analysts feel though that systems based on this new offering, structured to reflect the strategic investment goals of the individual institutions and capable of analyzing thousands of variables across several time periods, could have a sweeping effect on the market.

Investment advice, Fire, marine, and casualty insurance, Computer related services, not elsewhere classified, Software, Insurance industry, Computer services industry, Information technology services industry, Portfolio management, Contracts, Automation, Yasuda Fire and Marine Insurance Company of America, Computer Services, Insurance Agencies, Capital Asset, Frank Russell Co.

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Program traders are defiant; fund managers vow to ignore new rules

Article Abstract:

The New York Stock Exchange's (NYSE) latest attempt to restrict computerized trading is met with resistance by investment managers, who vow to ignore the Exchange's new policy to delay the processing of program trades whenever the Dow Jones industrial average falls significantly. Voluntary restrictions on program trading are advocated by NYSE, and most retail brokers and individual investors have agreed to comply. Money managers who rely heavily on program trading, however, are critical of NYSE's actions, saying they will continue to do what is in the interest of their clients.

Stock

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