Prop firm tops Wall Street as program trading leader

For the fourth straight week, relatively unknown Latour Trading LLC has held the top spot on the list of top 20 program trading firms at the New York Stock Exchange (NYSE).

The New York proprietary trading firm was fourth behind Barclays Capital Inc., Morgan Stanley & Co. and Goldman, Sachs & Co. on the Sept. 12-16 report before surging to the top spot the following week ahead of Goldman Sachs. It's a position Latour Trading has held through the Oct. 3-7 report.

For the most recent period, Latour Trading had program trading volume of 568.8 million shares. Morgan Stanley & Co. was second with a grand total of 547.1 million shares.

As a portion of total volume for the Oct. 3-7 period, program trading amounted to 30.9% of NYSE average daily volume of 2,654.1 million shares -- or 820.8 million program shares traded per day.

Program trading includes a wide range of portfolio-trading strategies involving the purchase or sale of a basket of at least 15 stocks, according to NYSE.

Latour Trading has surprised many market watchers with its quick risk to the top of the program trading tallies. The firm is a recent addition to NYSE, becoming a member on Sept. 20, 2011. Click here for a video of Latour Trading CEO David Faucon ringing the opening bell to commemorate the firm's membership.

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