Goldman adds point-in-time crossing to dark pool

Investment bank Goldman Sachs has added point-in-time crossing functionality to SIGMA X, its internal non-displayed liquidity pool.
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Investment bank Goldman Sachs has added point-in-time crossing functionality to SIGMA X, its internal non-displayed liquidity pool.

The new feature, called SIGMA X-Cross, will initially offer a single crossing session at 10.30 Eastern Standard Time. The firm plans to add an afternoon session soon.

X-Cross allows customers to tap the latent liquidity in the SIGMA X pool, as well as liquidity from Goldman Sachs’ algorithms and its ATS (alternative trading system) order book.

“Many of our clients have already benefited from finding liquidity in SIGMA X,” said Rishi Nangalia, managing director and global head of business development for Goldman Sachs Electronic Trading, in a statement. “The timed crosses and the inclusion of our existing flows will make it easier for them to source even more liquidity across a broad universe of symbols.”

Users can enter X-Cross orders using Goldman Sachs’ REDIPlus execution management system (EMS) or FIX. Those using REDIPlus will be alerted to an upcoming cross through the EMS’s REDIHub messaging service. FIX users can opt to receive alerts via AOL Instant Messaging or email.

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