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August 14, 2007

Goldman Sees Big Growth

By Nina Mehta

Goldman Sachs last month saw its internal crossing volume increase 30 percent over the previous month's executions. From July 1 through July 25, Goldman crossed an average of 86 million shares per day in Sigma ATS, its internal crossing engine for customer orders. In June, the figure was 66 million.

Sigma ATS comprises liquidity from Goldman customers as well as Goldman's internal desks, including the sales trading, agency trading and proprietary desks.

Sigma ATS is the main liquidity pool within Sigma X, Goldman's crossing system that aggregates non-displayed liquidity from several sources. In addition to Sigma ATS, Sigma X encompasses executions against six liquidity providers, including Automated Trading Desk, Knight, Liquidnet H2O and NYFIX Millennium. Customer orders that execute against these liquidity providers are counted within Sigma X's volume.

Overall, Sigma X's average daily July volume through July 25 was 104 million shares. Daily volume reached a high of 158 million shares on July 25, its seventh consecutive day of volume that surpassed 100 million shares. The June average daily volume was 82 million.