Goldman Sachs to Transfer GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN to NYSE Arca
NEW YORK, December 7, 2007 – The Goldman Sachs Group, Inc. today announced that the GS ConnectSM S&P GSCITM Enhanced Commodity Total Return Strategy Index ETN (NYSE Euronext: GSC) will transfer from the NYSE to the NYSE Arca listing and trading platform. GSC is scheduled to transfer effective prior to the opening on Thursday, December 20, 2007.
As previously announced by NYSE Euronext, this planned market consolidation, initiated by specialist firms and in consultation with issuers, will be beneficial to investors in terms of savings, efficiency and overall market performance. As one of the most attractive and industry-preferred market structure for trading ETFs and ETNs, NYSE Arca, which utilizes dedicated liquidity providers in the form of Lead Market Makers (LMMs) and Market Makers (MMs), is one of the best platforms to efficiently list and trade the over 240 NYSE Group listed ETFs and ETNs.
All existing NYSE specialist firms are able to act as LMMs in primary listings on NYSE Arca and will continue to provide value for investors and issuers while ensuring liquidity and reducing volatility. By offering a single, harmonized platform for listing and trading ETFs, NYSE Group will further improve efficiencies and market quality.
NYSE Arca's all-electronic platform is the single largest liquidity pool for ETFs in the U.S. and presents a compelling value proposition for all market participants. In the first half of 2007, NYSE Arca handled 43% of all ETF shares traded in the U.S., representing an ADV of approximately 231.96 million shares per day.
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.