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04 May 2018

Financial Times: Goldman to treble Swedish office as post-MiFID equities hub

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Goldman Sachs plans to more than treble the size of its Swedish office to use the country’s financial technology expertise to bolster its European equities trading as well as find new homes for bankers ahead of Brexit.

The US investment bank has signed a lease for a new office in central Stockholm, which it will move into early next year, increasing its headcount capacity in the country from about 30 to 100 employees.  Most of the new staff will be technology specialists, who the bank has started recruiting to build on its acquisition two years ago of Pantor Engineering, a Stockholm-based trading technology specialist. Goldman, which has chosen to shift staff to a handful of European offices rather than a single post-Brexit hub, also plans to move some client-facing investment bankers from London to Stockholm as it prepares for potential disruption from Brexit. This mirrors similar staff moves to Frankfurt, Madrid and Milan.

Like US rivals, it is looking to take advantage of Europe’s new MiFID II legislation to grab market share. MiFID II banned trading by banks on their own internal trading desks, in an effort to increase transparency and make the best market prices available to all investors.  But the rules also allowed banks and high-frequency trading to run lightly-regulated platforms — known as “systematic internalisers” if they trade orders on behalf of clients. 

Full article on Financial Times (subscription required)

© Financial Times

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