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Would the market have been down as much without program trading?

In the world of program trading, a $4 million order would not be a large one.

As it has almost daily, program trading was a big factor.

More than a hour of yesterday's activity, the research house said, was program trading.

Clearly, the time for debates on program trading has passed.

Once again, program trading played a leading role in the decline.

Six months have passed and program trading is more controversial than ever.

The reality was that the markets were moving too fast to do any such program trading.

Some experts on program trading said that the worst might be over, however.

But limited use of program trading has been allowed since Wednesday.