In the August 18, 1989, issue of the Will Street Journal there appeared an article entitled "Program Trading Spreads from Just Wall Street Firms." Following are two quotations from that article:

Brokerage firms in the business, which tiptoed back into program trading after the post-crash furor died down, argue that such strategies as stock-index arbitragerapid trading between stock index futures and stocks to capture fleeting price differences-link two related markets and thus benefit both.

The second quotation in the article is from a senior vice president at Twenty-First Securities Corp:

Program trading is a product that is here, links markets, and it is not going to disappear. It is a function of the computerization of Wall Street.

Do you agree with these statements?