GTS Acquires Barclays Designated Market Maker Trading Business at NYSE
GTS will close the deal in the Q2 for an undisclosed amount.

DMMs facilitate price discovery through a combination of human judgement and the latest technology, said Tom Farley, NYSE Group president, in a statement. DMMs, which are unique to the NYSE, serve as a safeguard to investors and listed companies, according to Farley, and lower volatility for individual stocks, especially during complex market events like initial public offerings (IPOs) and the start of the trading day.
GTS's acquisition of Barclays' DMM will close in the second quarter. The financial terms of the deal were not disclosed.
"GTS's new role as a designated market maker reflects our commitment to providing more liquidity in more places, and to creating a better, more cost-efficient marketplace for retail and institutional investors and listed issuers," said Ari Rubenstein, co-founder and CEO of GTS, in a statement. "GTS is supporting efficient capital formation to drive the growth of listed companies. Becoming a DMM is a natural marriage of our floor trading expertise and cutting-edge technology."
Barclays DMM floor team will join GTS as part of the deal.
Joseph Mecane, managing director of the electronic equities and credit products business at Barclays, said in a statement the decision to sell the DMM trading business was more about it not being a good fit at the firm, as opposed to a lack of belief in the concept.
"We continue to believe in the DMM model, and in the benefits that it can bring to issuers," Mecane said. "However, with the evolving market structure, we also believe that a firm specializing in the technology of market making, such as GTS, is best suited to enhance the NYSE DMM business."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
GenAI too risky for collateral processes
The technology has been heralded as game-changing for other areas of finance, but its potential to hallucinate may disqualify it from sensitive settlement procedures.
Waters Wavelength Ep. 324: A philosophical conversation about AI
This week, Reb and Nyela discuss BNY’s digital workers, and what the use of AI in society signals for the future.
Cloud Wars: Are EU and APAC firms really pining for homegrown options?
Waters Wrap: In the wake of tariffs and regional instability, there’s chatter about non-US firms lessening their dependency on the major hyperscalers. Anthony is not buying it.
Google gifts Linux, capital raised for Canton, one less CTP bid, and more
The Waters Cooler: Banks team up for open-source AI controls, S&P injects GenAI into Capital IQ, and Goldman Sachs employees get their own AI assistant in this week’s news roundup.
Numerix strikes Hundsun deal as China pushes domestic tech
The homegrown tech initiative—‘Xinchuang’—is a new challenge for foreign vendors.
RBC’s partnership with GenAI vendor Cohere begins to bear fruit
The platform aims to help the Canadian bank achieve its lofty AI goals.
Deutsche Bank casts a cautious eye towards agentic AI
“An AI worker is something that is really buildable,” says innovation and AI head
TMX buys ETF biz, Iress reinvests in trading tools, UBS data exposed, and more
The Waters Cooler: Euroclear’s next-gen service, MarketAxess launches e-trading for IGBs, and new FX services are in this week’s news round-up.