Liz Hoffman

speaker

299 appearances 5 recordings 1 series first heard Aug 2017 last heard Aug 2020

Liz Hoffman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Latest on Goldman Sachs's Open-Source Trading Floor · 4 Apr 2019 podcast

And that sounds like table stakes now.

It was a really big deal then.

And so that made Goldman just a ton of money in the 90s and the 2000s.

and help them, yes, you're right, stay out of as much trouble as others got into in 2007 and 2008.

The world is very different now, so you cannot proprietary trade anymore after the financial crisis.

What that means is that Goldman can't take information that it sees from clients and use that to make money itself.

So they have this really valuable thing, and there's two ways to make money off something.

You can use it and try to make money on yourself, or you can sell it to clients, and they're effectively trying to sell this to clients as a service.

So if you're at a hedge fund, you used to have to pick up the phone, you'd call your salesperson at Goldman and say, hey, can you give me a spreadsheet with all of the healthcare companies where, you know, some factor, where the stock's been going up quickly or where they've had a change of management, I want to bet on those companies.

And the trader would call over one of his nerds and he would say, can you run this data for me and send it back?

And then they would send it back to the client.

And that's a really time-intensive and expensive process for Goldman.

And it's also just increasingly not how hedge funds want to get that data.

So hedge funds and other big asset managers have been hiring coders for themselves.

And those guys want to be able to knock on the door on their own and to send what –

you know, queries to the database and say, all right, I'm going to send this line of code and it's going to ask for that same spreadsheet, but it's going to do it instantaneously.

And I'm going to get that right back in a form that I understand that I can monkey around with to get the sort of trading results that I want.

Absolutely.

And some costs.

And that's a very error-prone process that involves a lot of people.

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