Awards for e-FX Excellence – Goldman Sachs

First up, Marquee is definitely benefiting from the HTML5 deployment, it has always been a good platform visually, and that has only been enhanced with the sharper graphics and more flexible functionality that move has allowed. As we have already noted, the GUI remains uncluttered by the bank reintroducing some of the popular features of previous iterations and the order entry process, and order book depth, have been enhanced, and more analytics integrated into the chart functionality.

The swaps functionality has been improved visually, reinforcing our belief that going forward there could be a serious competition to lead the way in this vitally important FX product set, and FX options, something that was let slip by the bank a few years ago, is being upgraded and reintroduced, but is still to go to the HTML5 version of the platform. The GUI for the swaps in particular appears to have been built by a STIR trader, therefore should prove popular.

The bank has also relaunched its mobile app, however at the moment it is content based rather than trading.

The outstanding feature of Goldman’s offering in more recent times has been the portfolio basket algos and indeed one of the outstanding developments we saw this year involves the algo suite. Aside from product enhancements, the market activity check while running the algo is excellent, as is how, when an algo is operating the screen is split to offer the client real time analytics. This sounds simple, and is a simple idea, but it is incredibly effective and allows a user to monitor algo performance without flicking around screens. NDFs can now be included in the basket algos.

A key focus of Goldman’s work over the past couple of years has been workflow integration and, like many of its peers, it has rolled out products and services on its single dealer platform to deliver just that. Now though, the bank has gone a stage further by extending that into the Bloomberg terminal. In spite of the richer functionality available on the single dealer platforms, the fact is that many clients can only operate in a multi-dealer world. They want, of course, the same analytics experience as they get on the SDP – Goldman Sachs now provides this. Clients can access the full execution experience from pre- to post-trade from Bloomberg.

This is the next step in an evolution that started with BNP providing “read only” access to its analytics while using the Bloomberg terminal, and the same model will probably be deployed on other platforms. As we have noted, however, there is a question mark here of a bank giving away the IP that is usually only available on its own platform, but the counter is, naturally, this is giving the client what they want. These awards are sub-titled “Eye on the Client” and therefore we can only applaud the development – it was a heavy lift no doubt, but it’s done.

The other product area that Goldman excels in, and indeed is a previous winner in these awards, is commodities and this year it has taken a huge step forward by combining its principal and agency models.

On the GUI, it has exposed two of its proprietary algos to clients and the latter are able to access multiple pools of liquidity – that from the bank’s proprietary trading business, e- and voice, and from public exchanges – this is especially useful in a fragmented market like energy and continues the work started many years ago when the bank was the first to offer synthetic energy products to help clients hedge risk out of hours. Clients get an enhanced view of the market by seeing the risk transfer liquidity, the prop algo liquidity and a combination of the two – an added bonus is this means clients get to see all Goldman axes, whereas before they could only do so if they were interrogating the principal price.

This enhanced liquidity pool is easy to navigate, which is not always the case in such product-heavy markets like commodities, and indeed that is the case with Marquee more generally. Compared to previous iterations that, for example, meant an onerous journey from content to trading, this platform is sleek, efficient and looks good. Marquee has always promised much and now, thanks to Goldman Sachs filling some important gaps in its product set, it is starting to deliver.

Awards for e-FX Excellence

Algo Execution

Commodities

Colin Lambert

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