Goldman Sachs
The Goldman Sachs program trading (PT) team employs a global coverage model, with program trading and sales teams in New York, Hong Kong, Tokyo and London to ensure 24-hour access. The firm has the ability to transact in over 40 markets through direct exchange memberships on 28 exchanges and through local broker relationships.
Goldman Sachs uses advanced risk management and trading tools for managing and monitoring portfolio trades. Using local dealing desks provides a more complete picture around single stock situations and index change events. The firm also values its ability to provide FX risk management through simultaneous execution of equity and currency when required.
Liquidity access
Using GS PT, clients have access to the various liquidity venues in Asia as well as the firm’s own internal liquidity pool, SIGMA X. The SIGMA X dark pool crossing and intelligent smart order routing/placement engine allows clients to source liquidity before even reaching the market to minimise impact and to protect anonymity.
GS clients also gain liquidity opportunities from the firm’s relationships with local brokers in emerging markets.
Client coverage
Clients use program trading for asset allocation shifts, portfolio rebalancing, portfolio restructuring, country and sector allocations, funding and redemptions and transition trades.
Pre- and post-trade analytics
PT Global pre-trade allows clients to analyse their portfolio prior to execution using the proprietary GS trading costs model. This model uses a variety of metrics including tracking, bid-ask spread, and liquidity to aid customers in developing their trading strategy. The pre-trade tool contains region, sector, liquidity, country skews, currency breakdown and the portfolio constituents.
PT Global post-trade shows performance on summary, region, sector, country, currency and, stock level. Performance analysis includes various benchmarks such as previous close, close, open, volume-weighted average price and strike. Performance graphs include benchmark performance, absolute performance and trend.
Future plans
Goldman Sachs is committed to delivering effective solutions to clients by improving and developing its algorithms and pioneering new products and solutions.