The NYSE has officially released the correction for its lapse in reporting Goldman Sachs' program trading numbers last week.
NEW YORK , July 7, 2009 --The New York Stock Exchange today issued a correction of the program-trading-data press release issued on Thursday, July 2, 2009. Due to an NYSE system error, Goldman, Sachs & Co. was inadvertently omitted from the chart of most active firms, but the firm’s program activity was included in the total level of programs as a percentage of NYSE volume, which remains unchanged at 48.6 percent. Certain of the other data are revised on the press release below, and on the attached chart, incorporating the omitted data as well as subsequent minor corrections relating to other firms.
The data indicated that during June 22-26, program trading amounted to 48.6 percent of NYSE average daily volume of 3,449.8 million shares1, or 1,675.7 million program shares traded per day (Revised from 1,678.3 million program shares traded per day).
Program trading encompasses a wide range of portfolio-trading strategies involving the purchase or sale of a basket of at least 15 stocks.
In all markets, program trading by member firms averaged 4,896.3 million shares a day during June 22-26 (Revised from 4,898.9 million shares a day). About 34.2 percent of program trading took place on the NYSE (Revised from 34.3 percent of program trading), 0.3 percent in non-U.S. markets and 65.5 percent in other domestic markets, including Nasdaq, NYSE Amex and regional markets.
1 The NYSE calculates program trading as the sum of shares bought, sold and sold short in program trades. The total of these shares is divided by the sum of shares bought, sold and sold short on the NYSE including its crossing sessions.Contact: Ray Pellecchia
is the corrected PT report for the Russell rebalance week. How a
"system error" can lead to the drop of the firm that traded nearly 3
billion shares, yet have the Goldman numbers actually flow thru for aggregation purposes, is an open question.
Zero Hedge appreciates the NYSE's efforts in bringing transparency to the high-frequency trading markets and in fixing flawed information. Granted, one would be tempted to inquire just what other reported data the specified "system error" may have rendered completely useless, and whether this "system error" was also pertinent in the unprecedented extension of last Thursday's trading session. However, Zero Hedge knows not to push its luck: however, we can hope that in due course, all relevant information will eventually surface.