Brokerage Firms Pact To Offer Liquidity Access

NEW YORK CITY-Goldman Sachs, Morgan Stanley and UBS said that they agreed to offer their respective clients access to each other’s pool of non-displayed liquidity. Through the initiative, the firms said that they seek to address the “growing complexity of market fragmentation across various non-displayed liquidity venues.”

The firms said that the arrangements will allow “algorithmic trading orders of each firm to interact with the US equity liquidity found in three of the largest broker-dealer operated ‘dark’ liquidity pools in the US–Goldman Sachs’ SIGMA X, Morgan Stanley’s MS POOL and UBS’ PIN ATS.”

“We’re confident that providing our respective clients access to each other’s liquidity will achieve even better crossing results for our clients in an increasingly fragmented market,” says Greg Tusar, managing director of Goldman Sachs Electronic Trading, in a prepared statement.