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 Goldman opens dark pool stock trading in OZschwitz

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PostSubject: Goldman opens dark pool stock trading in OZschwitz    Goldman opens dark pool stock trading in OZschwitz Icon_minitimeMon Mar 12, 2012 4:15 am
Goldman Sachs Group has opened a so-called dark pool stock-trading platform in Australia and plans to offer several new electronic tools, including individual algorithms, in coming months.

The announcement comes after the country allowed for multiple trading venues with the opening of Chi-X Australia in October and after the Goldman Sachs parent company bought the remaining 55 percent of its local unit in July. These factors have led to an increased focus on electronic trading, Deepan Pavendranathan, head of advanced trading services at Goldman in Australia, told Bloomberg News in a telephone interview today.

Dark pools are private venues for trading securities that don't publicly display bids and offers. Less than 2 percent of transactions in Asia occur through the venues, according to Investment Technology Group Inc., a New York-based brokerage. Dark pools account for 13.5 percent of trading in the U.S. and 4.6 percent of shares changing hands in Europe, according to data compiled by Rosenblatt Securities Inc.

“This is the first step in a multi-phase launch that we're going to go through,” Pavendranathan said. “We've built the platform and got the base ready and now we're going to come out with individual algorithms.” The Goldman Sachs platform offers trading in all stocks listed with Australia's major bourse, operated by ASX Ltd.

Bank of America Corp., Credit Suisse Group AG, Deutsche Bank AG, Liquidnet Holdings, Morgan Stanley, UBS AG and ITG's POSIT also operate dark pools in the country.

Now that the Goldman Australia branch is 100 percent owned by the parent company, it has the benefit of all of the main company's technology platforms, making it easier to link parts of the business globally, Pavendranathan said.

Read more: http://www.smh.com.au/business/markets/goldman-opens-dark-pool-stock-trading-in-australia-20120312-1uu09.html#ixzz1ot94mxGN

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