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April 2, 2014

End of Goldman era on the NYSE floor

“Goldman Sachs is leaving the floor of the New York Stock Exchange.

“The investment bank, whose history has been intertwined with that of the downtown Manhattan exchange since 1896, is in the process of selling its “designated market-maker” unit, according to people familiar with the matter.

“The noisy trading floors of the open outcry era fell quiet years ago, apart from small telegenic huddles of activity at the start and finish of each day, and the planned exit highlights just how much the business of stock trading has changed.

“Goldman paid $6.5bn in 2000 to acquire Spear, Leeds & Kellogg, which was at the time one of the most powerful trading companies on the NYSE floor.

“The bank is understood to have lined up IMC Financial Markets, a Dutch trading company, as a buyer for the unit, which analysts now value at about $30m or less.”


Read full Financial Times article here.

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