The future: humans or machines - One top firm just chose

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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.

Bloomberg also reports that Massachusetts’ chief securities regulator is surveying more than 1,000 investment advisers in the state about high-frequency trading as scrutiny of the strategy increases.

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.

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