If you would like answers to your questions about program trading then please click here.

Index Arbitrage Firms

Index Arbitrage Firms

Program Trading averages more than 60% of the volume every day and on some days is a lot more.  If you are trading index futures and stocks and options, it is now mandatory for you to know program trading, fair value, the premium, and the execution of buy and sell programs You must know exactly who is doing the program trading, exactly what time they are doing it, and with which stocks.

In order to help you learn more, we've listed some of the top program trading and index arbitrage firms below.  We've also included their four letter market maker symbol for NASDAQ, just in case you are online trading stocks on NASDAQ Level II and want to know which NASDAQ market makers you should be watching very closely.  Especially when you see the PREM move a lot.  We pay special attention to the NASDAQ market makers in red.  If you would like to know why, then contact us and we will answer you promptly.


Goldman Sachs & Co.


Merrill Lynch


Latour Trading, LLC


Banc of America Securities

BCAP Barclays Capital, Inc. MSCO Morgan Stanley & Co. Inc.
SGAS SG Americas Securities, LLC SBSH Citigroup Global Markets, Inc.
FBCO Credit Suisse Securities, LLC DBAB Deutsche Bank Securities, Inc.


UBS Securities, LLC

BNPS BNP Paribas Securities Corp.


Wedbush Securities

JPMS JP Morgan Securities, LLC
RBCD RBC Capital Markets, LLC INCA Instinet, LLC


Commerzbank Capital, Inc.


HSBC Securities

NMRA Nomura Securities, Inc.


Wells Fargo Securities

CUGS Cuttone & Co. Inc.


Jefferies Execution Services

IBKR Interactive Brokers CIBC CIBC World Markets Corp.
SUSQ SIG Brokerage LP LYON Calyon Securities, Inc.


Penson Financial Services, Inc.


BNY Convergex Execution

ABNA ABN AMRO Clearing Chicago


Weeden & Company

MLEN Millenco, LLC BERN Sanford C. Bernstein & Co., LLC


WG Trading

GUZM Guzman & Company


Electronic Brokerage, LLC

TWPL Thomas Weisel Partners


Intrade, LLC

OCON O'Conner & Company GETS Getco Securities, LLC

Now you know who is doing all of this program trading.  In order to find out at exactly what time they are doing it, you will have to do a lot of research.  For most traders, it is a lot easier to just buy our research.

And if you want to know which stocks that they are using, you will have to have a ton of computer equipment and software, good data feeds, and do a lot of research and study.  If you would like to know how we do it, then click here.  If you would like to know what stocks they have been using lately, contact us with your name and phone number and we will call you with the URL for one of our Program Trading Stock Reports.

Additional information about program trading and index arbitrage, program trading firms, and who is trading stocks on the NYSE and on NASDAQ Level III or index futures is available by attending one of our Program Trading Seminars.

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