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Program trading is a type of trading in securities, usually consisting of baskets of fifteen stocks or more that are executed by a computer program simultaneously based on predetermined conditions.〔http://www.nyse.com/press/1251367637915.html〕 Program trading is often used by hedge funds and other institutional investors pursuing index arbitrage or other arbitrage strategies.〔Lemke and Lins, ''Soft Dollars and Other Trading Activities'', §2:35 (Thomson West, 2013-2104 ed.).〕 There are essentially two reasons to use program trading, either because of the desire to trade a large number of stocks at the same time (for example, when a mutual fund receives an influx of money it will use that money to increase its holdings in the multiple stocks which the fund is based on), or alternatively to arbitrage temporary price discrepancies between related financial instruments, such as between an index and its constituent parts.〔 〕 According to the New York Stock Exchange, in 2006 program trading accounts for about 30% and as high as 46.4% of the trading volume on that exchange every day.〔(【引用サイトリンク】title=NYSE Weekly Historic Stats 2004–2006 using new method )〕 Barrons breaks down its weekly figures for program trading between index arbitrage and other types of program trading. As of July 2012, program trading made up about 25% of the volume on the NYSE; index arbitrage made up less than 1%.〔http://online.barrons.com/public/page/9_0210-nysepgtd.html〕 ==History== Several factors help to explain the explosion in program trading. Technological advances spawned the growth of electronic communication networks. These electronic exchanges, like Instinet and Archipelago Exchange, allow thousands of buy and sell orders to be matched very rapidly, without human intervention. In addition, the proliferation of hedge funds with all their sophisticated trading strategies have helped drive program-trading volume.〔(【引用サイトリンク】title=Background article: Program trading )〕 As technology advanced and access to electronic exchanges became easier and faster, program trading developed into the much broader algorithmic trading and high-frequency trading strategies employed by the investment banks and hedge funds. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「program trading」の詳細全文を読む スポンサード リンク
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