I am not talking about arbitrage programs...
could you provide an example of what you are talking about? because...
...any trade with 15 or more stocks, with a value of over $1 million...
...is exactly the kind of thing arbitrage programs do. it's also the kind of thing i do. and it's what any number of people i know do. so if the NYSE definition isn't the kind of program trading you're talking about...what exactly is?
...program trading is leading us to a point where stocks can not be efficiently priced by the underlying fundamentals.
(a) that has always been the case, because (b) the market doesn't exist to "efficiently price" according to "underlying fundamentals".
Prices are driven primarily by the index entities
this has been true since time immemorial, as demonstrated by the age old wall street proverb that 2/3 of a stocks performance was from general market activity.
Market Data 
Markets 
AI
