Goldman's floor trading business bidder is former partner

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Wiet Pot, co-head of the Dutch high-speed trading firm that’s said to be bidding for Goldman Sachs’s floor-trading business, is a former partner of the investment bank who once helped run its equities division.

Bloomberg reports that Pot’s IMC Financial Markets has expanded from Amsterdam to Chicago and Sydney, where it uses algorithms to make markets in stocks, commodities and currencies. Pot serves with Rob Defares, one of IMC’s founders, as co-chief executive officer at IMC, which he joined in 2008.

The right to make markets on the New York Stock Exchange floor was once a license to mint money by collecting the customary 12.5-cent spread between purchases and sales. The huddles of traders at the Big Board have been shrinking since regulators allowed brokers to quote prices in pennies. Computerized traders like IMC are still able to eke out profits on the smaller spreads.

To access the complete Bloomberg article hit the link below:

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