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Releasing News? Be Sure To Consider The Practices of Program Traders January 2008 has passed and with it, the initial performance benchmark for traders and portfolio managers. There is a lesson here for investor relations departments regarding month-end portfolio lock-ins and a point to consider if you have news to announce, IROs. How Buyside Selling Affects Downgrades In this article, we'll highlight a recent market structure matter observed in at least three separate cases: changes in sellside desk order flow in and around upgrades and downgrades. Investor Relations and Electronic Trading Let’s first take the pulse of the markets this inaugural week past of December 2007. It appeared to us that fundamental investors were most active December 4th, while trading lightened considerably by the 7th and carried the telltale signs of massive risk-management and hedging. IR folks, this means real investors finally followed traders into the maw – we’ve not seen much of that in the past couple months – prompting everybody else to take out insurance on their equity positions. No fund manager wishes to be caught shirtless on a Friday nowadays.