NEW YORK--(BUSINESS WIRE)--Goldman Sachs Electronic Trading (GSET) announced today the launch of BlockStrike™, a strategy that provides clients with the ability to search for block liquidity in various non-displayed liquidity pools while simultaneously working the order using the algorithm’s existing logic.
“In the past, traders had to decide whether to commit their order to an algorithm or try to negotiate a block in a dark pool,” said Greg Tusar, Managing Director and co-head of Goldman Sachs Electronic Trading. “With BlockStrike, our clients now have the ability to accomplish both simultaneously – and all they have to do is to check a box.”
BlockStrike will add opportunistic dark posting behavior to seek block executions while trading Participate, VWAP and TWAP algorithms, based on their trading objectives. BlockStrike on Sonar™ and Sonar Dark™ will convert their dark posting to block-only dark posting. A standard block is defined as 10,000 shares or $200,000 in value, but these values can also be customized.
BlockStrike simultaneously places a contingent order with a block-sized minimum execution in SIGMA X™, GSET’s non-displayed ATS that matches buyers and sellers anonymously. With an average of 125 million shares crossed in SIGMA X each day (single counted) and over 13% of those in blocks, BlockStrike enables clients to better source desired block liquidity when available.
“We already have significant block liquidity existing in SIGMA X,” said Todd Lopez, Managing Director and co-head of Americas sales for GSET. “BlockStrike will help clients access this liquidity without requiring a change to their workflow or risk over-execution.”
About Goldman Sachs Electronic Trading
Goldman Sachs Execution & Clearing, L.P., through its GSET offering, provides clients with the necessary tools to manage their trades from start to finish, from pre-trade analytics to post-trade analysis. Clients access our products via REDIPlus®, our top-ranked EMS platform, or via FIX. Customers can seek liquidity using our suite of multi-asset algorithms, route to optimal destinations using smart router, and take advantage of non-displayed liquidity through our SIGMA and SIGMA X non-displayed liquidity suite. Along with providing clients access to global equity markets, we also offer FX, Futures, and Options across North America, Europe, and Asia.
The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.