Are your future job prospects likely to be impacted by the rise of the machines ?
The New York Post reports that Goldman Sachs is one step ahead of the market.
The Wall Street firm has been criticizing high-speed electronic trading of late, but it’s still dumping the human side of the business — its NYSE 'market-maker' unit.
Goldman bought specialist firm Spear Leads & Kellogg for $6.5bn in 2000. It’s now worth a mere $30m.
The Wall Street firm has already lined up a buyer for the unit, according to reports.
The news comes, ironically, when the technological advances that put specialists out of business are coming under fire in a new book by Michael Lewis called Flash Boys.
Bloomberg News reports that Wiet Pot, co-head of the Dutch high-speed trading firm IMC Financial Markets that’s said to be bidding for Goldman’s floor-trading business, is a former partner of the investment bank who once helped run its equities division.
William F. Galvin sent inquiries on March 25 to investment advisers, including private equity and hedge-fund firms, requesting they complete a survey about their practices related to high-frequency trading, such as their use of direct data feeds and whether they have a computer server located with any exchange’s data center.