On 16 June 2008, the WSE Management Board admitted Goldman Sachs International with its seat in London as a WSE Remote Exchange Member. It is the fourth Exchange Member from the UK following Credit Suisse Securities (Europe) Ltd., JP Morgan Securities Ltd. and HSBC Bank Plc.
Goldman Sachs International is part of the New York-based Goldman Sachs Group, Inc. a company with over 100-years-long tradition and reputation in the global investment banking environment. Goldman Sachs Group, Inc. provides a wide array of financial services such as investment banking and securities portfolio management. The NYSE-listed company was established in 1869 and is now among the world’s largest banks.
Goldman Sachs International joined the dynamically growing group of WSE Remote Members. Remote membership gives foreign brokers direct access to the WSE system without the need of physical presence in Poland or the service of local intermediaries.
The first WSE Remote Member was approved in July 2005. As of 16 June 2008, there were 19 Remote Members on the WSE from Hungary, the Czech Republic, Austria, the UK, France, Germany, Sweden, and Estonia.
The share of Remote Members in equities and derivatives trading is constantly rising. In May 2008, Remote Members accounted for 9.29 pct of equities trading value, which represents a significant increase relative to 7.57 pct at the beginning of the year and 3.03 pct in January 2007. On the derivative instruments market, increasing involvement of Remote Members is even more apparent – 0.04 pct. share in futures trading in 2006 has grown to 4.4 pct in April 2008.
