My colleague Ann Price crunched some numbers that offer some interesting historical perspective on the annual Russell Index reconstitution, which takes place tomorrow and which we've mentioned here among other June market events.
•Last year's consolidated trading volume in NYSE-listed issues on "Russell Day" was only nominally higher than the year-to-date average. In 2009, consolidated volume was up only 8 percent compared with the annual average.
•In contrast, NYSE volume was up considerably. NYSE executed 2.35 billion shares during last year's Russell Day, compared with an NYSE daily average of 1.4 billion shares during the year.
•Much of NYSE's volume gain was picked up during the large, auction-style trading that is the NYSE's close. On Russell Day 2009, NYSE closing-trade volume was up almost 650 percent to 1.3 billion shares, compared with average daily closing-trade volume of 174 million shares for full-year 2009.
•NYSE's Crossing Session 2 was also very aggressively utilized during 2009's "Russell." That day, 1.2 billion shares were executed on NYSE's CS2 platform, compared with a daily average of 44 million shares during the year.
What tomorrow will bring, we'll see tomorrow. But looking at the recent history above, it again underscores that at crunch time -- when trading is difficult, either because stocks are moving or events such as Russell when hundreds of stocks are trading at multiples of their average volume -- customers rely on NYSE. NYSE's high-tech/high-touch model has the systems to help you get the tough trades done efficiently, and the human judgment and broad customer participation to make sure they get done at a fair price.