Goldman Sachs Group Inc. has added trading sessions and increased the money it makes available to buy securities on its electronic bond-trading platform as the industry grapples with changes in market structure, according to a person briefed on the decision.
Goldman Sachs will hold two daily sessions on its platform, up from twice weekly when it started last year, and will offer $300 million in guaranteed liquidity, said the person, who asked not to be identified because the change hadn't been publicly announced. The platform, known as GSessions, was halted last month amid a lack of demand, the person said.
Corporate bond dealers and investors have started electronic-trading platforms as they seek to reduce costs and improve their ability to convert investments into cash amid new capital rules. The world's biggest dealers have cut inventories of corporate debt by three-quarters since the 2007 peak, leading to concerns that waning liquidity provides greater potential for market disruptions.
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