Goldman Sachs Electronic Trading (GSET) announced the launch of Sigma X Canada, marking a further expansion of its global crossing capabilities.
Sigma X Canada is an alternative trading system (ATS) operated by Goldman Sachs Canada Inc. to registered investment dealers and their clients to trade Toronto Stock Exchange listed securities.
Sigma X will provide access to a broad source of Canadian equity liquidity, according to the firm. Built on GSET’s state-of-the-art matching technology and leveraging its diverse subscriber and client base, the liquidity available within the ATS will offer enhanced execution and pricing results, according to today’s release. Using a pure price/time priority-market model, Sigma X Canada will anonymously match buyers and sellers and will offer guaranteed price improvement relative to the NBBO.
GSET is entering the Canadian ATS market where stock trading has become more competitive from the likes of Liquidnet Canada, Pure Trading, Alpha, Chi-X Canada and Omega ATS, already lowering the cost and increasing the speed and efficiency of trading stocks.
“The growth potential of the Canadian equity market is significant,” commented Todd Lopez, GSET’s managing director and co-head of Americas sales, in the release. “We believe unique, alternative pools of liquidity will continue to play an important role in the Canadian market’s development.”
Sigma X Canada draws liquidity from a host of participants, including broker dealers, hedge funds and institutions, in addition to Goldman Sachs liquidity. The matching engine resides in a third-party Toronto data center and subscribers can access SIGMA X Canada via direct FIX connectivity or a variety of EMS/OMS vendor providers.
“Since the original launch of SIGMA X in the US in 2005, GSET has established itself as a leading player in non-displayed crossing in major markets around the globe,” stated Adam Mazur, managing director and co-head of business development at GSET. “SIGMA X Canada complements our suite of non-displayed liquidity offerings we currently provide in the Americas, Europe and Asia and is an integral part of our global GSET strategy.”