Goldman Sachs is looking to sell its New York Stock Exchange market-making unit to a Dutch investment firm, as computers replace traders who once dominated the business at the corner of Wall and Broad streets.
Bloomberg reports that IMC Financial Markets is negotiating to buy the floor-trading business, according to two people familiar with the matter, who asked for anonymity because talks are private. Goldman Sachs is seeking as much as $30m, one person said.
The investment bank, which joined the NYSE in 1896, bought the operations in 2000 as part of a $5.4bn purchase of Spear, Leeds & Kellogg.
The NYSE’s huddles of traders have been shrinking for years as more transactions are handled electronically, making humans less integral. IntercontinentalExchange Group Inc. pledged to preserve the trading floor in lower Manhattan when it agreed to buy the exchange in 2012.
'The business has evolved away from humans on the exchange', said Devin Ryan, an analyst at JMP Group. 'Only a fraction is being done on the floor with humans versus how much is being done electronically'.
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