Bloomberg News

Goldman Sachs Closes Canadian Dark Pool Seven Months After Open

April 27, 2012

Goldman Sachs Group Inc. (GS:US) closed Sigma X Canada today, shutting down the dark pool for equities seven months after starting it.

The stock trading venue stopped taking orders, according to a statement from the Investment Industry Regulatory Organization of Canada. Since all orders expire daily on Sigma X Canada, none will be open after it closes, the agency said.

Virtually no trading occurred on the platform, which finished last on a list of 12 Canadian venues ranked by market share compiled by IIROC. Dark pools are private stock trading systems that don’t display offers to buy and sell shares to the public.

Adam Mazur, co-head of business development at Goldman Sachs Electronic Trading in New York, said in August that Sigma X Canada planned to handle trades in shares listed on the Toronto Stock Exchange. The market was started as Canadian regulators were formulating rules designed to limit trades that occur away from public markets.

To contact the reporter on this story: Nina Mehta in New York at nmehta24@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $157.22 USD
    • 2.30
    • 1.46%
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