A LITTLE-known brokerage in New York toppled Goldman Sachs and Morgan Stanley from the top of the New York Stock Exchange’s ranking of trading companies for the past two weeks, it has emerged.
Latour Trading topped NYSE’s weekly list of the biggest programme traders, which use an automated system to execute large trades buying or selling batches of stocks at a time. Used primarily by institutional investors, it is seen as a good indicator of the big banks’ proprietary trading desks.
Regulatory documents show Latour is owned by Tower Research Capital, an algorithm-driven hedge fund founded by former Credit Suisse trader Mark Gorton in 1998. Latour shifted 568.8m shares in the first week in October, 14 per cent of all trades.