Goldman Aims at NYSE

The broker sees a global exchange opportunity.
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Goldman Sachs

(GS) - Get Report

may be looking to make a global exchange play.

During Thursday's second-quarter earnings call, the New York-based white-shoe firm said it might look to form consortiums with other firms in order to serve underserved areas of the red-hot exchange market.

"Do we compete with exchanges?" mused CFO David Viniar, in responding to an analyst's query. "There are a lot exchanges around the world, and in certain places where we think exchanges are not being competitive, we might try to form a consortium."

Goldman's finance officer did not provide further details.

Talk of Goldman competing with companies such as

NYSE Euronext





comes as Goldman has established a trading platform for private placements called GSTrue. The GSTrue private trading platform -- short for Goldman Sachs Tradable Unregistered Equity -- debuted last month in the $880 million private offering of shares in alternative investment company Oaktree Capital Management.

GSTrue's intent is to provide a trading platform for high-quality companies that do not want to endure the regulatory scrutiny tied to offering on the Nasdaq or NYSE.

"It could have applications for various types of companies, not just private equity," said Viniar, noting that the exchange could serve other entities outside of private equity companies and hedge funds. "We are very proud of that transaction."

Nasdaq is expected to launch its own similar platform, but that exchange, known as Portal, is anticipated to be more focused on providing a venue for 144A shares for companies -- not necessarily an alternative listing venue for wannabe public entities.

Viniar underscored the notion of Goldman's acting opportunistically in establishing other trading venues, noting that Goldman would look for opportunities where it could challenge other global exchanges on price.