Goldman Sachs SIGMA X
Goldman Sachs’ SIGMA X is currently available in Japan and Australia. SIGMA X offers increased liquidity access via both customer-to-customer crossing and Goldman Sachs franchise liquidity.
Approximately 100 clients are able to access SIGMA X in Japan and Australia. The average crossing ratio is around 20% with a 7 bps spread saving. In Australia, all trades in SIGMA X are executed at the mid.
Functionality and order types
The matching process for SIGMA X is anonymous and
pre-trade information is not disseminated internally or externally.
Buy orders, sell orders, and short sell orders are all
permitted. SIGMA X matches orders on price and time priority. In Australia,
SIGMA X is accessible via the suite of algorithms and orders are matched at
midpoint on a price and time priority basis.
Access and participation
Clients can choose to opt-in and opt-out their
order from matching in SIGMA X. Access is available via the algorithm suite and
direct posting. In Australia, SIGMA X allows posting via the Sonar dark
The pool supports trading of cash equities single
stock orders. In Japan, SIGMA X also supports futures orders.
Anti-gaming logic is embedded into the algorithm
suite as well as SIGMA X and considers many factors including short-term price
fluctuations and ensuring executions are within the best bid and offer. Goldman
Sachs coverage personnel regularly monitor execution performance to enhance
performance and maintain quality control.
Goldman Sachs currently has arrangements with
selective broker partners for liquidity sharing in the US.
SIGMA X will soon be available in Hong Kong.