GOLDMAN SACHS TO ADD CANADIAN CAPABILITIES TO SMART ROUTER

Posted June 2, 2009

NEW YORK – Goldman Sachs Electronic Trading (GSET) plans to release new functionality for its SIGMA smart router for clients who trade Canadian and US stocks. SIGMA inter-listed routing seeks best prices across US and Canadian stock trading venues while taking into account real-time foreign exchange rates, allowing for single currency settlement.

"In the past two years, the market structure in Canada has changed at a very rapid pace," says Todd Lopez, Head of International Sales for GSET North America. "With nearly 200 stocks currently inter-listed on the Toronto Stock Exchange (TSX) and US exchanges, traders need to access liquidity seamlessly in both markets while automatically hedging their currency exposure in real time."

SIGMA simultaneously scans multiple trading venues and routes the order to the venue where there is the best opportunity for optimal execution. GSET clients are able to access the SIGMA router for inter-listed trading via REDIPlus, GSET’s proprietary execution management system, or through third-party trading systems. With this new functionality, GSET is offering cross-border smart order-routing capabilities for all dually listed Canadian and US stocks. Clients also benefit from SIGMA by trading via GSET algorithms, which utilize the SIGMA router to make order placement decisions.

The SIGMA router also gives clients access to the diverse, high-quality liquidity found within our SIGMA X non-displayed liquidity pool for US stocks. SIGMA X traded more than 312 million US stocks per day in April.