Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Spytrdr who wrote (7238)	6/17/1999 9:17:00 PM
From: Spytrdr	Respond to of 13953

Goldman Sachs to Continue Investment in Electronic Trading Bloomberg News June 17, 1999, 2:58 p.m. PT Goldman Sachs to Continue Investment in Electronic Trading New York, June 17 (Bloomberg) -- Goldman, Sachs & Co. will continue to buy stakes in electronic trading firms after completing five such transactions in the past year, said the firms' managing director in charge of the effort. The 130-year-old New York-based investment bank needs to react more quickly to changes in the way stocks are bought and sold or risk being left behind, said Duncan L. Niederauer, who oversees electronic trading initiatives for the firm's equity division. ''I don't think anyone would confuse us with a sprinter,'' Niederauer said during a panel discussion at the Securities Industry Association Technology Management Conference in New York. ''Our decision process has been very deliberate.'' Goldman, which first sold shares to the public last month, said in its offering prospectus that the trend toward alternative trading systems will continue and may accelerate. The company owns 22 percent of online investment bank Wit Capital Corp., 25 percent of electronic trading network Archipelago LLC, and undisclosed stakes in TradeWeb LLC, Brut LLC, and Optimark Data Systems Inc. Last week, the company said it will help Merrill Lynch & Co. and Bernard L. Madoff Investment Securities start an electronic auction market for stocks called Primex Trading. Goldman also plans to start GS-Online, an Internet-based system for underwriting stocks over the World Wide Web. ''We are not going to sit on the sidelines,'' Niederauer said. ''We will get on the field and try to influence the outcome and learn in doing so.'' Goldman also wants to use technology to boost the effectiveness of its employees who cater to high-net worth clients, allowing customers to get basic information and reserving personal contact for advice. ''We want to get our people out of the business of reporting the news and do more adding value around the news,'' he said. Goldman stock fell 1/4 to 65. It's up 23 percent since the May 4 initial public offering.