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• But the controversy over program trading, the sophisticated investment strategy responsible for the upheavals that have sometimes marked “witching” Fridays, is far from over.
• When program trading came into vogue in the mid-1980s, it was at the forefront of Wall Street's computer revolution—and its practitioners included the Street's largest and most luminous brokerages.
• A more bewildering development is the array of complex, computer-assisted trading techniques that, in taking the stock exchanges by storm, have become a major cause of the market's extraordinary peaks and valleys. The most controversial is known as program trading, in which computers, for example, launch massive buy and sell orders.
• I’ll say it again: program trading, now known as “high-frequency” trading, serves no purpose but to line the pockets of the program-trading firms at the expense of the millions of other investors participating in the market.