NYSE to Add GETCO as a Designated Market Maker
February 11, 2010
NYSE Euronext and GETCO LLC, a global electronic trading and technology firm, today announced that GETCO is expected to become a New York Stock Exchange designated market maker.
In addition, GETCO said it has also purchased approximately 350 NYSE designated market maker (DMM) assignments from Barclays Capital. Financial terms of the transaction were not disclosed.
GETCO is a supplemental liquidity provider on NYSE, a lead market maker on NYSE Arca, and will be a DMM on the NYSE and NYSE Amex. The firm is a global liquidity provider in more than 30 markets in North America, Europe and Asia; a registered market maker on the NASDAQ and BATS exchanges; and is consistently among the top five participants by volume on NYSE Arca, NYSE Arca Options, NYSE Liffe U.S., CME, Eurex, and various other equities, futures and options markets, according to the announcement.
Barclays Capital will continue serving GETCO’s NYSE-listed DMM clients over a period during which GETCO will complete the process of incorporating NYSE DMM-specific infrastructure into its trading platform. The transfer of these issues will maintain diversity among DMM firms and NYSE-listed companies, as announced when Barclays Capital acquired LaBranche & Co. LLC’s DMM business last month.
“GETCO brings to this new role its strong performance as an NYSE supplemental liquidity provider and NYSE Arca lead market maker, and its exceptional track record of market-making expertise and technology,” said Lawrence Leibowitz, NYSE Euronext Chief Operating Officer and Head of U.S. Markets. “Having GETCO become a designated market maker in NYSE-listed issues and in our upcoming trading of Nasdaq issues on the NYSE Amex platform clearly reflects a vote of confidence in the value of our market model for our issuer, investor and trader communities.”
Dave Babulak, managing director of GETCO Securities, said serving as a designated market maker for NYSE listed companies is “an important priority for us.”
“Our clients will receive the same high level of market insight, service and professionalism they expect from the NYSE’s market model, supported by GETCO’s deep global liquidity and proven, market-leading technology,” said Babulak.
