Goldman Sachs and one of the its most experienced traders on its New York desk, Tashen Kandasamy, have parted ways. A Goldman Sachs representative confirmed to Finance Magnates that the senior FX trader left the firm.
After spending almost two decades at the firm, the LSE graduate has left the New York FX trading desk to pursue other opportunities. The electronic trading desk of Goldman Sachs in New York is at the centre of the company’s global operations in equities, FX, fixed income, commodities, options and futures.
The company is one of the main prime brokers in the FX market with about 4.43 percent market share according to the Euromoney FX Survey 2017. The company is the 8th largest company this year, after falling one place as HSBC increased its market share to almost 5 percent.
Q8 Trade Gains Recognition for ‘Most Trusted Trading Platform in MENA’Go to article >>
After a stellar performance in 2016, especially in the aftermath of the US election, Goldman Sachs trading desks materially underperformed in the first nine months of the year.
Net revenues from fixed income, currencies and commodities trading declined 26 percent when compared to a year ago to $1.45 billion. The decline is smaller when compared to the second quarter when the firm reported a 40 percent decline.
The primary driver for the lower revenues is a decline in commodities trading, followed by FX. Materially lower volatility in the markets has caused a decline in trading that directly impacted the market making activities at Goldman Sachs.