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August 19, 2013

Goldman seeks to lure other banks to bond trading platform

Goldman Sachs has been trying to recruit other banks to its electronic bond trading platform, in a move which highlights some of the tentative industry efforts under way to boost liquidity in the $9.1tn market for corporate debt.

Big banks, including Goldman, have been experimenting with new ways of trading corporate bonds by setting up their own ‘single dealer’ electronic trading platforms, which in theory allow investors easily to buy and sell companies’ debt.

But most bond market participants are distrustful of the bank-run platforms and are waiting for a “multidealer” trading venue that can match buy and sell orders for bonds in a similar way to how stocks change hands on big exchanges.

That has spurred Goldman to approach other banks to join its “GSessions” platform and even offer to turn over the platform to an independent operator, according to two people familiar with the company’s overtures. A few dealers have agreed in principle to the idea but Goldman needs many more to make the plan viable, one said.”


Read full Financial Times article here

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