Editing Program trading (section)

==History==
Several factors help to explain the explosion in program trading. Technological advances spawned the growth of [[electronic communication network]]s. These electronic exchanges, like [[Instinet]] and [[Archipelago Exchange]], allow thousands of buy and sell orders to be matched very rapidly, without human intervention.

In addition, the proliferation of hedge funds with all their sophisticated trading strategies have helped drive program-trading volume.<ref>{{cite web|url= http://www.opalesque.com/fullarticle/8567/program%20trading/Background_article_algorithmic_trading942.html |title=Background article: Program trading
 |date=9 August 2005|author=Opalesque}}</ref>

As technology advanced and access to electronic exchanges became easier and faster, program trading developed into the much broader [[algorithmic trading]] and [[high-frequency trading]] strategies employed by the investment banks and hedge funds.{{citation needed|date=August 2012}}<ref>{{Cite web|title=Senior Supervisors Group - Algorithmic Trading Note - 2015|url=https://www.newyorkfed.org/medialibrary/media/newsevents/news/banking/2015/SSG-algorithmic-trading-2015.pdf|last=New York|first=Fed - Algorithmic trading note|date=2015|website=New York Fed}}</ref>