Goldman Sachs has released six new execution algorithms in India, citing strong growth in the demand for automated trading in the country.
Goldman has offered clients direct market access and algorithmic trading in India since early 2009, and has now expanded its Asian algorithmic suite – which includes benchmark matching, dynamic volume participation and liquidity seeking strategies – to the country. During Q2 2009, Goldman Sachs saw its electronic trading volumes in India triple for equities and quadruple for futures.
“More than 90% of the equities electronic trading is now directed to algorithms versus straight-to-market orders,” said Siddharth Chhabria, head of India sales, Goldman Sachs Electronic Trading, in a statement. “The additional algorithms will give clients access to sophisticated strategies they have used successfully in other markets.”
“The fast pick-up of algorithms demonstrates investors’ increased interest in India and their appetite for more advanced trading strategies,” added Shuya Kekke, managing director and head of Goldman Sachs Electronic Trading in Asia. “The release of additional algorithms is in line with our continued commitment to expanding our service offering in India.”