Goldman Leads Banks With Stock Auctions as a MiFID II Workaround
- Regulators to ban more stocks from dark-pool trading on Monday
- Auctions are now bigger than dark trading at Cboe Europe
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Goldman Sachs Group Inc. is taking on the exchanges to win the business of fund managers eager to keep their stock trades hidden in the era of MiFID II price transparency.
The bank has set up a so-called periodic auction service that matched its first trades on March 21, allowing investors to buy and sell shares without tipping their hand to the rest of the market. Exchanges began offering the service earlier. Europe’s largest dark pool, run by Cboe Global Markets Inc., is now doing more business through periodic auctions than it is through its dark markets.