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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.83+0.3%4:00 PM EST
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To: Jack of All Trades who wrote (49412)5/4/2000 7:49:00 PM
From: Don Green  Read Replies (1) of 99985
 
Good reading!! Computers gravely threaten the established order of brokers, traders and exchanges on Wall Street, so why is Goldman Sachs pouring billions of dollars into them? Fear, Greed And Technology By Neil Weinberg Henry Paulson Jr. had good reason to worry when the stock market fell off a cliff a few weeks ago. As chairman and chief executive of Goldman Sachs Group Inc., he runs a firm that has fed at the bull market trough as heartily as any. But Paulson is calm. Goldman's hundreds of traders are assisted by some of the most sophisticated information technology in the world. They still make many of the decisions, but computers make more and more of them. Secret algorithms guide 20,000 trades a day in the volatile equity derivatives market. A new Web bond trading service now handles 70% of Goldman's Treasury trades, updating prices 200 times per second and executing $100 million deals without a lick of human intervention. Involvement in two dozen new electronic trading ventures could put Goldman at the center of a new financial world--and someday may even threaten the existence of the floor traders and securities salesmen that made Goldman great. Goldman Sachs will by year's end have spent $5 billion in five years on all this technology, building an arsenal aimed at making money whichever direction the market goes. So long as it goes somewhere. "Volatility is our friend," Hank Paulson says serenely. "If it wasn't for volatility, why would you need Goldman Sachs? Why would you need to take positions or risk?" forbes.com
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