Goldman Sachs to upgrade dark pool trading

Trading Desk

Goldman Sachs is upgrading its Sigma X dark pool, winding down a retail market-making operation and hiring an executive for Europe as the bank overhauls its equity electronic-execution business.

Bloomberg News reports that Goldman Sachs is 'transitioning to use direct market data feeds as the primary source' of information for the dark pool, according to a customer document on its website.

For years, the venue has used the public feed that’s fractions of a second slower than direct feeds from stock exchanges that many competitors use. The wholesale market-making unit, which has less than 5% market share, will begin scaling back in coming weeks, a person with direct knowledge of the plans said.

Raj Mahajan, hired this year as head of the equity electronic-execution business, is pushing to establish the firm as a top player in automated trading. The company last week said second-quarter equities revenue jumped 21% to $1.97bn, trailing only Morgan Stanley among U.S. banks.

To access the complete Bloomberg News article hit the link below:

Goldman Said to Upgrade Dark Pool, Exit Wholesale Market-Making

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