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Wall Street banks Goldman Sachs, Morgan Stanley and UBS have agreed a series of bi-lateral agreements that will allow their
The banks say these arrangements allow algorithmic trading orders received by each firm to interact with the
The banks says the move seeks to address the growing complexity of market fragmentation across various non-displayed liquidity venues. But the banks have stopped short of combining their dark pools.
"Our clients are looking for incremental liquidity without having to split each order across many different algorithms," says Will Sterling, MD of electronic trading at UBS. "These agreements should offer clients access to additional high quality liquidity without making their trading process more complex."
Greg Tusar, MD of electronic trading at Goldman Sachs, says: "Providing our respective clients access to each other's liquidity will achieve even better crossing results for our clients in an increasingly fragmented market."