The huddles, and what is discussed during or after them, currently aren't disclosed in Goldman's long-term research. On Monday, the firm internally discussed adding information about the service on its client Web site.

Some firms also give stock ideas to clients but disclose the service in their longer-term research and on their Web sites.

Mr. Galvin's subpoena, also reviewed by the Journal, asks for a host of internal Goldman documents related to the huddles.

A Goldman spokesman declined to comment. In the Monday Journal article, a Goldman spokesman said ideas that arise from the huddles are simply 'market color' and 'always consistent with the fundamental analysis' in published research reports.

In 2003, Mr. Galvin was one of several regulators involved in negotiating a $1.4 billion settlement with 10 big Wall Street firms, including Goldman. The firms were accused of issuing overly optimistic research in a bid to win more lucrative investment-banking business.

Mr. Galvin on Wednesday said he is concerned that now the trading arms on Wall Street are putting undue influence on research analysts to win business. 'Even the term 'huddles' sounds suspicious,' he said. He said his investigation may expand to look at practices at other firms.

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