GS » Topics » Fixed Income, Currency and Commodities and Equities

These excerpts taken from the GS 10-K filed Jan 27, 2009.
Fixed Income, Currency and Commodities and Equities
 
Fixed Income, Currency and Commodities (FICC) and Equities are large and diversified operations through which we engage in a variety of client-driven and proprietary trading and investing activities.
 
In our client-driven businesses, FICC and Equities strive to deliver high-quality service by offering broad market-making and market knowledge to our clients on a global basis. In addition, we use our expertise to take positions in markets, by committing capital and taking risk, to facilitate client transactions and to provide liquidity. Our willingness to make markets, commit capital and take risk in a broad range of fixed income, currency, commodity and equity products and their derivatives is crucial to our client relationships and to support our underwriting business by providing secondary market liquidity.
 
We generate trading net revenues from our client-driven businesses in three ways:
 
  •  First, in large, highly liquid markets, we undertake a high volume of transactions for modest spreads and fees.
 
  •  Second, by capitalizing on our strong relationships and capital position, we undertake transactions in less liquid markets where spreads and fees are generally larger.
 
  •  Finally, we structure and execute transactions that address complex client needs.
 
Our FICC and Equities businesses operate in close coordination to provide clients with services and cross-market knowledge and expertise.
 
In our proprietary activities in both FICC and Equities, we assume a variety of risks and devote resources to identify, analyze and benefit from these exposures. We capitalize on our analytical models to analyze information and make informed trading judgments, and we seek to benefit from perceived disparities in the value of assets in the trading markets and from macroeconomic and issuer-specific trends.


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Table of Contents

Fixed Income,
Currency and Commodities and Equities



 



Fixed Income, Currency and Commodities (FICC) and Equities are
large and diversified operations through which we engage in a
variety of client-driven and proprietary trading and investing
activities.


 



In our client-driven businesses, FICC and Equities strive to
deliver
high-quality
service by offering broad
market-making
and market knowledge to our clients on a global basis. In
addition, we use our expertise to take positions in markets, by
committing capital and taking risk, to facilitate client
transactions and to provide liquidity. Our willingness to make
markets, commit capital and take risk in a broad range of fixed
income, currency, commodity and equity products and their
derivatives is crucial to our client relationships and to
support our underwriting business by providing secondary market
liquidity.


 



We generate trading net revenues from our client-driven
businesses in three ways:


 




































  • 

First, in large, highly liquid markets, we undertake a high
volume of transactions for modest spreads and fees.
 
  • 

Second, by capitalizing on our strong relationships and capital
position, we undertake transactions in less liquid markets where
spreads and fees are generally larger.
 
  • 

Finally, we structure and execute transactions that address
complex client needs.


 



Our FICC and Equities businesses operate in close coordination
to provide clients with services and cross-market knowledge and
expertise.


 



In our proprietary activities in both FICC and Equities, we
assume a variety of risks and devote resources to identify,
analyze and benefit from these exposures. We capitalize on our
analytical models to analyze information and make informed
trading judgments, and we seek to benefit from perceived
disparities in the value of assets in the trading markets and
from macroeconomic and issuer-specific trends.





7





Table of Contents







These excerpts taken from the GS 10-K filed Jan 29, 2008.
Fixed Income, Currency and Commodities and Equities
 
Fixed Income, Currency and Commodities (FICC) and Equities are large and diversified operations through which we engage in a variety of customer-driven and proprietary trading and investing activities.
 
In our customer-driven businesses, FICC and Equities strive to deliver high-quality service by offering broad market-making and market knowledge to our clients on a global basis. In addition, we use our expertise to take positions in markets, by committing capital and taking risk, to facilitate client transactions and to provide liquidity. Our willingness to make markets, commit capital and take risk in a broad range of fixed income, currency, commodity and equity products and their derivatives is crucial to our client relationships and to support our underwriting business by providing secondary market liquidity.
 
We generate trading net revenues from our customer-driven businesses in three ways:
 
  •  First, in large, highly liquid markets, we undertake a high volume of transactions for modest spreads and fees.
 
  •  Second, by capitalizing on our strong relationships and capital position, we undertake transactions in less liquid markets where spreads and fees are generally larger.
 
  •  Finally, we structure and execute transactions that address complex client needs.
 
Our FICC and Equities businesses operate in close coordination to provide clients with services and cross-market knowledge and expertise.
 
In our proprietary activities in both FICC and Equities, we assume a variety of risks and devote resources to identify, analyze and benefit from these exposures. We capitalize on our analytical models to analyze information and make informed trading judgments, and we seek to benefit from perceived disparities in the value of assets in the trading markets and from macroeconomic and issuer-specific trends.


7


Table of Contents

Fixed Income,
Currency and Commodities and Equities



 



Fixed Income, Currency and Commodities (FICC) and Equities are
large and diversified operations through which we engage in a
variety of customer-driven and proprietary trading and investing
activities.


 



In our customer-driven businesses, FICC and Equities strive to
deliver high-quality service by offering broad market-making and
market knowledge to our clients on a global basis. In addition,
we use our expertise to take positions in markets, by committing
capital and taking risk, to facilitate client transactions and
to provide liquidity. Our willingness to make markets, commit
capital and take risk in a broad range of fixed income,
currency, commodity and equity products and their derivatives is
crucial to our client relationships and to support our
underwriting business by providing secondary market liquidity.


 



We generate trading net revenues from our customer-driven
businesses in three ways:


 




































  • 

First, in large, highly liquid markets, we undertake a high
volume of transactions for modest spreads and fees.
 
  • 

Second, by capitalizing on our strong relationships and capital
position, we undertake transactions in less liquid markets where
spreads and fees are generally larger.
 
  • 

Finally, we structure and execute transactions that address
complex client needs.


 



Our FICC and Equities businesses operate in close coordination
to provide clients with services and cross-market knowledge and
expertise.


 



In our proprietary activities in both FICC and Equities, we
assume a variety of risks and devote resources to identify,
analyze and benefit from these exposures. We capitalize on our
analytical models to analyze information and make informed
trading judgments, and we seek to benefit from perceived
disparities in the value of assets in the trading markets and
from macroeconomic and issuer-specific trends.





7





Table of Contents







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