premise: 
  PROGRAM TRADING is being curbed by more securities firms, but big institutional investors are expected to continue the practice, further roiling the stock market. Bowing to criticism, Bear Stearns, Morgan Stanley and Oppenheimer joined PaineWebber in suspending stock-index arbitrage trading for their own accounts. Still, stock-index funds are expected to continue launching big programs through the market.
  Several Big Board firms are organizing to complain about program trading and the exchange's role in it. The effort is being led by Contel.
   What does the effort refer to?
hypothesis: organizing to complain about program trading and the exchange's role