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Goldman Sachs has expanded its algorithmic corporate bond trading program, more than trebling the number of securities it quotes since last summer to more than 7,000 and is now eyeing an expansion into areas such as junk bonds later this year.
The bank’s algorithm scrapes publicly-available pricing data for thousands of bonds to automatically generate firm, tradable prices for investors. Earlier this year it broke into the ranks of the top-three dealers on MarketAxess in US investment grade odd-lots — defined as smaller slivers of debt below $1m, according to Goldman Sachs. MarketAxess, a popular bond trading venue, declined to share the data, which is not public. Other big participants in the odd-lot market are said to be Millennium and Wells Fargo.
https://www.ft.com/content/6d15c274-70ec-11e7-aca6-c6bd07df1a3c
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