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Wednesday, April 16, 2014

Goldman Sachs plans to jump-start stock-trading business - WSJ, (NYSE: BLK)

Goldman Sachs is planning to jump-start its stock-trading business after top clients such as Fidelity Investments and BlackRock Inc voiced concerns about the way Goldman and other firms trade stocks, the Wall Street Journal reported, citing people familiar with the matter. Money managers are concerned that the stock market had grown too fragmented and complex, leaving everyone exposed to technological mishaps, and that banks often routed too many of their clients' trades to their own private trading venues, so-called dark pools, and gave unfair advantages to high-speed traders, the Journal said. (r.reuters.com/cus58v)Such concerns could lead big investors to trade less, reducing volume and crimping revenue at Goldman and its peers, people familiar with the matter told the newspaper.Goldman Sachs has encouraged employees to stress to clients its views on market mechanics asking them to "add our voice as a significant market participant on the current issues facing today's equity market structure," the Journal said, citing an internal document.Reuters could not immediately reach Goldman Sachs for comment outside regular U.S. business hours.

BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 0.75% or $2.24/share to $300.71. In the past year, the shares have traded as low as $240.60 and as high as $326.00. On average, 800495 shares of BLK exchange hands on a given day and today's volume is recorded at 633521.



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