- Goldman Sachs will begin executing trades made on Bloomberg Tradebook, the brokerage arm of the financial-services and media giant.
- The arrangement will allow the two firms to focus on their respective value proposition ahead of MiFID II, a European regulatory overhaul set to go live in January.
Goldman Sachs announced on Monday that it will begin executing stock trades for customers of Bloomberg Tradebook, the brokerage arm of the financial-services and media giant.
The arrangement is set to go into effect immediately and allows both firms to focus on their respective value proposition in the stock trading business, according to a press release on the news.
“We are confident that Bloomberg’s expertise in technology, and analytics, combined with Goldman Sachs’ vast execution capabilities, liquidity offerings and ability to respond to the changing global execution landscape will result in a superior user experience,” Raj Mahajan, global cohead of Securities Systematic Solutions at Goldman Sachs, said.
The arrangement comes ahead of new European regulations set to go live in January — known as MiFID II — that will require financial firms to un-bundle their services in trading. Across Wall Street, firms are preparing for the ramifications of the regulatory overhaul.
Goldman itself has been investing in its trade execution services to preserve and expand marketshare under the new regulatory framework. The firm, for instance, bought trading technology company Pantor Engineer in October to improve its capabilities in the space.
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