Goldman Sachs’ SIGMA X MTF is set to remove execution fees and offer zero-fee trading on its periodic auction and non-displayed dark and conditional books, according to a memo seen by The TRADE.
The move is expected to improve participants’ access to benign liquidity and remove market barriers, and will be in effect from 1 November 2025.
Speaking to The TRADE, a spokesperson for Goldman Sachs, said: “We made this change in the best interest of our members, and their many pan-European institutional clients, who come to SIGMA X MTF for access to healthy markets that prioritise superior liquidity, larger average execution size than competing order books, and improved execution quality.”
Specifically, the change to zero-fee trading will complement the current trading mechanisms available on the multilateral trading facility (MTF) which lower the implicit cost of trading, with the move set to reduce the explicit costs.
Specifically, Goldman’s move to zero-fee has been made in a bid to to drive efficiency and reliability in markets, by supporting the growth of participants with similar liquidity profiles and increase member activity, particularly for fee sensitive flows.
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Currently, more than 80% of the liquidity available on SIGMA X MTF comes from bank and broker-dealer participants, who use the facility to execute benign liquidity.
Additionally, the price stabilisation on the periodic order book and conditional orders on the dark book currently underpinning the platform will be retained, to ensure for the safeguarding and performance maintenance of the order books.
The move is set to benefit the platform’s members and their pan-European institutional clients, and follows the launch of SIGMA X Europe MTF in December 2020, to allow participants to continue trading in EEA symbols via the Paris-based venue post-Brexit.