Has anyone on the list ever been involved with a program trading firm? I was looking at the NYSE program trading stats and I was shocked at what I saw. I always thought that program trading was index arbitrage of the S&P futures and NYSE stocks. Take a look at these stats. http://www.nyse.com/pdfs/pt020702.pdf Index arbitrage only accounts for 8.6% of program trades for the past year. 90.2% accounts for all other strategies. Does anyone know what these other strategies are?