Crossing market getting crowded

Goldman Sachs, which owns the high-volume Sigma X dark pool, wants to edge into the crossing network market. It has announced a service that will offer a single cross, at 10:30 a.m. It may add an afternoon cross in the near future. In a crowded market, the key to its success will be to somehow leverage its stores of passive liquidity across the Goldman Sachs empire, including its dark pool, REDIPlus and others. The firm's deals with Morgan Stanley and UBS may also help. Still, you would have to think this will be an uphill climb. Traders notes that there seems to be a glut of cross services right now. ITG's POSIT, Liquidnet, and Pipeline all saw their combined volume decline almost 40 percent in September and October, when the market gyrated, according to Tabb Group data.

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