May 22 IMC Financial Markets has agreed to
acquire Goldman Sachs Group Inc 's rights to operate as a
designated market maker in more than 600 NYSE-listed stocks, the
Wall Street Journal reported on Wednesday.
The Dutch high-speed trading firm paid under $30 million,
the Wall Street Journal reported, citing people familiar with
the deal. IMC also plans to hire about 15 floor brokers from
Designated market-makers, formerly known as "specialists",
operate both manually and electronically to facilitate price
discovery during market openings, closings and during periods of
substantial trading imbalances or instability for thousands of
Goldman acquired the designated market-maker unit as part of
its $6.5 billion purchase in 2000 of Spear, Leeds & Kellogg.
Goldman Sachs plans to remain a broker on the New York Stock
Exchange's trading floor executing trades on behalf of clients,
the paper said.
Both IMC Financial Markets and Goldman Sachs could not be
immediately reached for comment outside of normal business
(Reporting by Mridhula Raghavan in Bangalore; Editing by Eric