FYI: In lower Manhattan, the New York Stock Exchange’s bell rings at 4 p.m. ET each trading day, signaling a giant auction that determines the closing prices for thousands of stocks.
Seconds later, across town, Goldman Sachs Group Inc.’s trading systems pair up buyers and sellers on tens of millions of shares—using the price published by the NYSE but avoiding the Big Board entirely.
Goldman leads a pack of investment banks that are elbowing into the crucial exchange business of end-of-day trading. The share of closing-price trades executed outside of exchanges, by broker-dealers like Goldman, doubled from mid-2015 through the end of last year, from 16% to 32%, according to data from Virtu Financial Inc., a major electronic trading firm in U.S. stocks.
Regards,
Ted
https://finance.yahoo.com/news/goldman-cashes-passive-investing-boom-172200770.html
