高盛新算法取代公司債電話交易員
Goldman Sachs has begun quietly pushing a computer program that allows investors to trade in the $8.4tn US corporate bond market without ever having to communicate with a person at the investment bank.
高盛(Goldman Sachs)開始悄悄推出一款計算機程序，讓投資者在8.4萬億美元的美國公司債市場進行交易，而不必致電這家投行的員工。
Money managers and traders have in recent weeks received automated messages from the Goldman Sachs Algorithm offering prices at which to buy and sell highly rated corporate bonds.
最近幾周，基金經理和交易員都收到了高盛算法(Goldman Sachs Algorithm)自動發出的訊息，提供可以買賣高評級公司債券的價格。
The profile of GSA, which Goldman has quietly run on some trading systems for about a year, increased last month after it was rolled it out on Bloomberg, one of the biggest Wall Street platforms.
該程序已在高盛的一些交易系統中悄然運行了約一年時間，只是上月在華爾街最大平臺之一彭博(Bloomberg)推出後，才引起外界的關注。
The attempt to expand the program is part of an electronic revolution increasingly pushing out phone trading in the last holdout markets as banks are squeezed for profits.
擴大利用該程序的嘗試是電子革命的一部分，在各銀行都面臨利潤壓力之際，這場革命正日益將電話交易擠出其最後堅守的幾個市場。
Because of its size — the benchmark high-grade US corporate debt universe includes more than 7,000 securities, each of which is backed by voluminous documentation — the corporate bond market has been seen as too cumbersome and complex to fully automate and leave to computers.
由於其規模——基準優質美國企業債包括7000多種證券，每一種都包含大量的文件——公司債券市場此前被視爲過於龐大和複雜，無法完全將交易留給電腦、實現自動化。
Dealing in equities and US government bonds is now almost entirely electronic and transparent, but two bonds sold from the same company can have a variety of differing risks — based on their size, maturity and structure — and are not interchangeable, like a stock.
如今，買賣股票及美國政府債券的交易幾乎完全實現了電子化和透明化，但同一家公司出售的兩種債券可能包含有多種不同程度的風險（基於它們的規模、期限和構成），不能像股票那樣互換。
Trading still relies heavily on voice trading or messaging to establish prices.
公司債交易在很大程度上仍依賴於語音交易或即時信息來確定價格。
Although the Goldman system only caters to so-called oddlots — or trades worth less than $1m — its expansion comes as investment banks face pressure to cut costs in their once highly lucrative bond trading businesses.
雖然高盛這套系統只適用所謂的零星交易——即交易額低於100萬美元——但其擴大使用發生在投行面臨壓力、要求它們在曾經利潤豐厚的債券交易部門削減成本的背景下。
Regulations introduced since the financial crisis have also cut the appeal to banks of being middlemen between investors.
金融危機後出臺的法規也減少了銀行作爲投資者之間中間人的吸引力。
In contrast to other lists of prices circulated on platforms such as Bloomberg that only give an indicative price — and require confirmation with a bank — those on Goldman’s program can be executed immediately.
與彭博等平臺上的其他價格列表（只給出一個指示性價格，需要向某家銀行確認）不同，高盛程序中的價格可以立即執行。
Prices offered on GSA are dynamic and respond to other trades and market conditions, according to several fund managers.
據一些基金經理表示，高盛算法提供的價格是動態的，響應其他交易和市場條件。
GSA offers $75m-$100m of bonds to trade each day, according to one fund manager, in a move that should free Goldman traders and salespeople to concentrate on more profitable trades.
據一位基金經理表示，高盛算法每天提供7500萬到1億美元的債券進行交易，此舉應能讓高盛交易員和銷售人員專注於利潤更高的交易。
Goldman Sachs declined to comment.
高盛不願置評。
