Tuesday, October 27, 2009

Goldman Meets and Makes its Case to SEC: Dark Pools, Short Sales Help Cut Costs

“Dark Pools” benefit both institutional and retail trading by bringing down transaction costs, Goldman Sachs said in a memo to the S.E.C.

Last week the S.E.C. voted to make dark pools more transparent, such as revealing electronic trading messages that are sent to a limited group of market participants.

Tiny Memo URL is http://tiny.cc/ozoom
From: Smeeta Ramarathnam, Office of Commissioner Aguilar
Date: October 22, 2009
Re: Meeting with Representatives from Goldman Sachs

On September 24, 2009, Smeeta Ramarathnam and Zak May, Counsels to Commissioner Aguilar, met with the following representatives from Goldman Sachs: Paul Russo, Managing Director, Equities Division; William Conley, Managing Director, Global Securities Lending, and C. Annette Kelton, Managing Director, Associate General Counsel to discuss issues involving market structure including short selling, dark pools and Reg ATS, high frequency trading and exchange co-location, sponsored access, flash trading and IOIs. The representatives provided the attached materials entitled, “Market Structure Overview.”Bloomberg Article

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