NYSE Issues Correction in Goldman's Trading Volume: Anything Else We Should Know?

The NYSE has officially released the correction for its lapse in reporting Goldman Sachs' (GS) 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
Phone: [phone]
Email: [e-mail]

Here 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 through for aggregation purposes, is an open question. [click to enlarge]



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.

Comments

[Moon Kil Woong:]

"we can hope that in due course, all relevant information will eventually surface." Haha... good luck. Tyler... keep digging because without public scrutiny nothing ever surfaces on its own. We have learned that fact all too well the past 24 months.

Jul 08 05:02 AM

[Vienna:]

@ Tyler,
case you read this, your article over RZB has caused major newspaper adds on our banks stress test.
There was an article on dark pools in a major newspaper last week.
Hope you keep posting Austrian relevant stuff too in case it gets passed you.

Jul 08 05:32 AM

[John Galt:]

Isn't it funny how there is a system error for Goldman the same week their secret code stolen?

Jul 08 08:15 AM

[jeandit75:]

I dream of the day the FED and treasury will let GS die like they did for Lehman Brothers. Some kind of clean-up of all the mess these crooks are making will somehow have to be made before investors can re-invest in this market with confidence. Let's hope that when the S&P crosses 400 and below, some responsible actions will be taken to discourage market manipulations. Maybe I am just a dreamer.

Jul 08 09:04 AM

[JWhitling:]

It's increasingly evident that the individual investor is the turkey on the plate of the markets. What should us turkeys do now?

Jul 08 09:08 AM

[KirbyJF1:]

Now any one that has a ounce of common sense will understand why the SEC did away with the Uptick rule & allows the Madoff exception, as well as allowing Naked Shorting. Do you think that Goldman Sachs Nano second trading program checks to see if there has been an uptick or that there is a legal borrow of a stock when they pile on to short position to drive a stock down? If you do I have a bridge in Brooklyn to sell you.

Kirby

Jul 08 09:21 AM

[SteadfastMason:]

Again, Brilliant work, Tyler!

The July 7, 2009 -The New York Stock Exchange response is just the latest in a series of confirmations that the BS of our having a free market is still spewing so rampantly, that the comments and images appear more and more cartoon-like in their un-believability.

Reality being our guide, we investors are at war to protect and secure our financial future. Our enemies are our very own Government, The FED, the regulators, the politicians, the financial media, the banks, the investment houses, and the indexes. They are all in collusion to defraud us of everything we have.

Our best weapons are our independant and deliberate thought, credible economic principles, the tireless work of moles, the spotlight of solid reporting, the communication of the internet, the law, our vote, our sense of ethics, and of justice, ...and time.

SteadfastMason

Jul 08 09:51 AM

[montanamark:]

hard to believe the "error" excuse. so many are in a lather about oil futures speculation but no one in washington cares about the outrageous and unbelievable shorting in silver and other metals by a few chosen ones. have to wonder if some banks are assisting the fed by pounding the metals in the face of a shaky dollar

Jul 08 05:07 PM

[Wampeter, F...:]

Lets come out and say what everyone seems to be thinking:

Did they not report it because they didnt want the media to publicize what a huge player GS was and then when a few people started talking about how GS suddenly dissapeared and that was gaining big traction about what a big deal THAT was, the numbers suddenly reappear?

Kudo's for some fancy footwork which keeps their critics off-balance. I suppose one has to admire the cunning, if not their honesty.

Jul 09 09:23 AM

[xxxx:]

Good work everyone. I hope you are passing on this stuff to friends so they can have an idea of what is really going on. It has become clear that our government will only respond to popular anger and it is therefore crucial to keep sending those e-mails to those in washington who need to know we are watching and will take it out in the voting booth.

We are even starting to get some traction in the mainstream media, and I hpe tyler will come out with a nice big article once goldman publishes its earnings, so the world can see they make their money manipulating the market at the tax payers expense.

Strange how they have their most profitable year at the time the market has dropped faster than in any period in history. could it be because they designed it to happen.

Jul 09 04:49 PM