http://nakedshorts.typepad.com/nakedshorts/ A case is made here that during week of 6/26-6/30 NYSE volume was over 90% programs though reported at 46%. http://www.nyse.com/pdfs/Weekly_History_with_New_Method2.pdf
As the author of the posts in question http://nakedshorts.typepad.com/nakedshorts/2006/07/if_the_numbers_.html and http://nakedshorts.typepad.com/nakedshorts/2006/07/the_nyse_lobs_b.html the NYSE indictment is on two charges: 1. A reasonably monstrous PR gaffe, and 2. Using a meaningless "headline" number for program trading for the last umpteen years. They recognized the fundamental flaw in the original "headline" calculation when it went over 90 percent; the problem was instead of acknowledging their long-time stupidity, they tried to slip the change under the radar. Nice try but I got 'em.
The old figures always looked high to me, but I assumed they were right. I doubt if it mattered to anyone, or caused loss. And I assume the program trading houses knew the figure was bogus.
I always thought those numbers were bs. I noticed that H.L. Camp has changed their website to reflect new numbers also. They were always going on about "PT is over 90% of NYSE vol". Gimme a break.