Goldman Sachs Announces Direct Market Access and Algorithmic Trading for Brazilian Equities

NEW YORK–(BUSINESS WIRE)–Goldman Sachs Electronic Trading (GSET) announced today the ability for clients to electronically route equity orders to the Bovespa Stock Exchange in Brazil through its local subsidiary, Goldman Sachs do Brasil CTVM S.A. Clients will be able to route direct market access (DMA) as well as algorithmic orders in Brazilian equities.

“Over the past couple of years, we’ve seen increasing client demand for electronic trading capabilities in emerging markets, particularly Brazil,” noted Todd Lopez, co-head of Americas sales for GSET. “As part of our longstanding commitment to providing clients with direct electronic access to key global markets, we’re pleased to expand our electronic trading offering to Brazil.”

“The introduction of DMA and algorithmic trading for Brazilian equities is yet another addition to the continued build-out of our Brazilian platform,” said Goldman Sachs Brazil Bank President Valentino Carlotti.

In addition to Brazil, GSET currently offers direct electronic access across asset classes for key global exchanges across the Americas, Europe and Asia. Clients will be able to route Brazilian orders via REDIPlus 10.0, the latest version of GSET’s award-winning execution management system, or via FIX connectivity to OMS and EMS providers.

Bruno Carvalho, head of Futures and Electronic Trading for Latam added, “We see significant opportunities in Brazil, particularly as international interest and capital inflows in the country continue to increase. Furthermore, as local market practices develop, it is important that Goldman Sachs expands its capabilities to offer global products to local investors in the region. Both of these trends are complemented by the advent of new direct access trading practices in Brazil for both equities and futures.”

AutoChina International Reports Record 2010 First Quarter Financial Results

Q1 2010 Financial Highlights

  • Total revenues of $120.7 million, up from $10.8 million in the prior year period
  • Net income of $6.2 million, or $0.33 per diluted share, up from net income of $1.7 million, or $0.22 per diluted share in the prior year period, which included $1.8 million of income from discontinued operations generated from the consumer auto business which was disposed in December 2009
  • Adjusted EBITDA of $12.4 million, an increase of 197.5% year-over-year

Operational Highlights

  • 2,506 vehicles were financed in the first quarter of 2010 despite being the Company’s slowest seasonal quarter, compared to 251 in the prior year period
  • Total number of commercial vehicle sales and leasing branches increased from 157 at December 31, 2009, to 180 at March 31, 2010 and 193 at May 21, 2010
  • Announces new branch openings in Jiangsu province and Shanghai directly-controlled municipality

Update for 2010

  • Company expects to lease at least 12,000 vehicles in 2010 and operate at least 275 stores by the end of 2010
  • Company reiterates financial guidance of revenue between $550 million and $600 million and net income between $42 million and $47 million for the year ending December 31, 2010.

IntercontinentalExchange: Strong Through the Sell-Off

I’ve been looking to diversify fund holdings away from the “tech centric” exposure I’ve had the past few months. There are some interesting banks in the financial space – especially PNC Financial (PNC) and some smaller regionals – but for now I am going to go with IntercontinentalExchange (ICE), which is essentially a clearinghouse for transactions. I don’t think I’ve had it in the portfolio since 2007, but as I look through various charts it is exhibiting excellent relative strength and barely batted an eye in the selloff last week.