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April 3, 2014

A high-speed retreat keeps Goldman out of a tangle

“What is Goldman Sachs up to? The bank has been behaving strangely this week. When Michael Lewis unveiled his book Flash Boys: A Wall Street Revolt, in which he alleged the equity market is “rigged” by high-frequency traders, the bank discreetly lent him support. Then it emerged that Goldman is leaving the New York Stock Exchange floor, selling Spear, Leeds & Kellogg, a broker it bought for $6.5bn in 2000.”

“This is the same Goldman that is one of the world’s biggest equity broking and trading firms; is accused by Lewis of letting its proprietary traders exploit its own “dark pool” private exchange; prides itself on being “’long-term greedy” in pursuit of profit; and is probably the most politically connected investment bank on the planet.’”

“Legend has it the British monarchy will fall if the ravens leave the Tower of London. When Goldman abandons the floor of the NYSE and shows more affection for IEX (the new equity exchange praised by Lewis) than for Sigma X (its own dark pool), I wonder about the health of high-frequency trading and the banks’ trading forums.”


Read full Financial Times article here.

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