Ari Rubenstein is co-founder and CEO of GTS, a Manhattan-based electronic market maker and the largest designated market maker at the New York Stock Exchange.
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DISCLOSURE: Canaccord Genuity is a market maker in Apple securities.
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Disclosures: Wedbush Securities is a market maker in Apple. Disclaimer
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Disclosure: RBC Capital Markets is a market maker in Apple.
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Piper Sandler is a registered market maker for Apple. Disclaimer
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Disclosure: Susquehanna is a market maker in Xilinx and SMH ETF.
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Disclosure: Susquehanna is a market maker in the securities of ULTA.
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Disclosure: FBR Capital Markets acts as a market maker for Apple.
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Disclosure: SFG is a market maker in the securities of SKX.
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Disclosure: Piper Sandler is a registered market maker for Gilead. Disclaimer
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Disclosure: SFG is a market maker in the securities of HD.
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Susquehanna Financial Group is a market maker in the securities of XLE.
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This is a market-maker for digital assets, like in traditional markets.
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Susquehanna is a market maker in the securities of Lennar and WCI.
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Since then, Citadel's own wholesale market maker has grown substantially under Nazarali.
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Metallinvestbank is the main precious metals market maker on the Moscow Exchange.
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FBR acts as a market maker or liquidity provider for Netflix's securities. Disclaimer
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Disclosure: Susquehanna is a market maker in the securities of BA and UTX.
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Disclosure: Susquehanna Financial Group is a market maker in the security Kinder Morgan.
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A central bank acts as market-maker, supplying cash on demand for bonds.
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Steve Sedgwick, CNBC anchor for SquawkBox Europe and a former option market maker.
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Barclay's is a market-maker in debt and equity securities issued by this issuer.
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Disclosure: Susquehanna is a market maker in the securities of Foot Locker and XRT.
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Disclosure: Susquehanna Financial Group is a market maker in the securities of GLD. Disclaimer
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So every company that's listed on the New York Stock Exchange has a market maker who's assigned with overseeing trading in their security each day and that used to be known as a specialist today, it's known as the designated market maker.
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CBA's status as a market maker for the new bond followed negotiations with the government.
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Disclosure: Robert W. Baird & Co. acts as a market maker in the securities of Netflix.
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"So rather than being a price taker, we are a market maker now," Morbelli said.
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KENNETH GRIFFIN: We're the largest market-maker in the United States in the options market.
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Market-maker benefits will be sharply reduced for some securities and fully eliminated for others.
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The Justice Department has subpoenaed information from Citadel and rival market maker KCG Holdings Inc KCG.
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Bancor has created a market maker application that aims to facilitate trading with other digital coins.
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Stifel or an affiliate is a market maker or liquidity provider in the securities of Apple.
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Stifel or an affiliate is a market maker or liquidity provider in the securities of Intel.
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Barclays has been the so-called designated market maker for 1,200 stocks listed on the exchange.
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Stifel Airline & Defense Analyst Joseph DeNardi: Firm is a market maker in all carriers under coverage.
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Market-maker firms have access to numerous faster data feeds showing more up-to-date prices.
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William Blair or an affiliate is a market maker in the security of General Electric Company.
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The firm and/or an affiliate is also a market-maker in securities issued by this issuer.
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Disclosure: Susquehanna is a market maker in the securities of China market ETFs FXI, ASHR and GXC.
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Daniel Ives: FBR acts as a market maker or liquidity provider for the company's securities: Microsoft Corporation.
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Disclosures: Facebook is an investment banking client of Evercore and Baird is a market maker for Facebook.
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Watch market maker Virtu, up 643% this month, which benefits during periods of high trading and volatility.
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"We automatically send orders to the market maker most likely to provide the best execution," he said.
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Stifel or an affiliate is a market maker or liquidity provider in the securities of TripAdvisor and Expedia.
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Disclosure: Stifel or an affiliate is a market maker or liquidity provider in the securities of Duluth Holdings.
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Market maker Winterflood more than doubled its profit from the year earlier period, helped by strong retail trading.
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Disclosure: Gilbert's firm is a market maker in the securities of WisdomTree; Elfenbein has no holdings in TripAdvisor.
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Extra market maker support and execution technology is included to enable users to easily run derivative market strategies.
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The market maker founded by Ken Griffin is already one of the largest liquidity providers in listed stocks.
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Disclosure: Susquehanna Financial Group is a market maker in Pinnnacle Foods, Campbell Soup, Hormel Foods and Kraft Heinz.
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Meanwhile, profit jumped 47.9 percent at Winterflood, Europe's largest market maker, helped by high levels of retail trading activity.
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But it is also a major market maker for fixed income and equity securities through its Citadel Securities division.
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Market maker Winterflood was impacted by difficult market conditions since the beginning of the financial year, Close Brothers said.
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True, volumes have been boosted by the CME's market-maker programme, a stimulus that doesn't exist on the LME.
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Disclosure: Canacord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in Twitter.
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Equities are expected to be added to the platform next year, leveraging GTS's leading market-maker position on the NYSE.
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At 6:153 PM ET, 341 lots had traded, according to one market maker, with each lot representing one bitcoin.
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But, "Apple has the potential to be the market maker in AR" when it does take the plunge, he added.
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Barclays Bank PLC and/or an affiliate is a market-maker in debt/equity securities issued by WFC and JPM.
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Disclosure: Credit Suisse acts as a market maker in Spirit Airlines, which is also an investment banking client of the firm.
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Then the sportsbook takes a cut of each wager, or "vig" -- typically a mid-single-digit percentage -- for playing market maker.
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JPMorgan Securities plc and/or an affiliate is a market maker and/or liquidity provider in securities issued by Nordstrom, Inc.
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"It's been a turnaround story now for about five years," said Joel Kulina, a technology-sector market maker for Wedbush Securities.
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Any market-maker has to hedge its own positions and that looks very hard when the underlying market has such wild swings.
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FBR Sr. Analyst Barton Crockett: FBR acts as a market maker or liquidity provider for the company's securities: The Walt Disney Company.
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Close Brothers said there were continued opportunities for growth in its banking arm, but trading conditions at its market maker remained difficult.
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Winton will act as a market maker and subsidise trading, rather than taking a cut or skewing the odds in its favour.
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"We welcome that," said Cedric Jeanson, CEO of Bitspread, a bitcoin-focused market maker with offices in the U.S., Europe and Asia.
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If this happens, the market maker can hold the ETF units back until the market recovers, matching the risk with a derivative contract.
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Disclosures: Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in the securities of Amazon.
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Disclosure: Susquehanna is a market maker in and Susquehanna and/or its affiliates beneficially own 1% or more of the securities of SQ.
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LONDON (Reuters) - This year's unusually quiet markets may have soothed the nerves of many investors, but for Dutch market-maker Flow Traders (FLOW.
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The central bank created an interbank foreign exchange market, intervening heavily through two market-maker banks to keep the currency within comfortable parameters.
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"Argon gives us the deal flow," Byrne said, while RenGen will be the market maker, providing a bid and an offer for trades.
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Griffin, who is also the founder of market-maker Citadel Securities, said he was particularly concerned given the high degree of easy monetary policy.
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Virtu is also the designated market maker for JPMorgan's stock on the New York Stock Exchange, tasked with making sure the stock trades smoothly.
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The company serves as both an exchange and a broker of deals, though it does not serve as a market maker that holds bitcoin.
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Besides hedge funds, Citadel's other business lines include Citadel Securities LLC, the powerful market-maker, and Citadel Technology LLC, a small portfolio management software provider.
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Market maker: Private equity has been one of the few missing strategies at Schroders, a FTSE 100 firm with a whopping $465 billion in AUM.
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The lead market maker, or designated liquidity provider, will often use its own money to buy and distribute the first shares of a new ETF.
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Being considered an information service means treating Uber simply as a market maker, similar a hotel or airline booking service, by connecting drivers to passengers.
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GTS Principal Reginald Browne, whose firm is the largest market maker for the New York Stock Exchange, says it's because there's still room for everyone.
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Disclosure: Piper Sandler is a registered market maker in the stock of PulteGroup, and Shay owns shares of the ITB, Lowe's and Home Depot. Disclaimer
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Also in its role as a market maker, 1 out of every 5 U.S. stocks trade through Citadel Securities on a daily basis, Griffin confirmed.
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BEIJING, Aug 2 (Reuters) - * Shanghai International Energy Exchange (INE) said on Thursday it is considering setting up a market maker scheme for its crude oil futures contract following requests from investors * The news confirms a Reuters report earlier on Thursday that the exchange had approached brokers about finding a potential market maker to help drum up activity in its nascent oil contract that launched four months ago.
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Slack's bankers, advisers, and market maker will figure out an initial price based on trade orders tomorrow — meaning, they will see how much demand there is.
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Slack's price was ultimately determined by the designated market maker, based off a calculation of a figure where buy orders could be met with sell orders. .
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Close Brothers, founded in 1878 as a merchant bank to provide farm mortgages in Iowa, said market maker Winterflood benefited from continued retail investor trading activity.
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The company said trading volumes remained low at its market maker unit, Winterflood, but added that the segment performed broadly in line with the first half.
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Citadel Securities will act as the designated market maker for Spotify's shares, a source familiar with the listing said, and set the opening price on Tuesday.
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Greater market volatility tends to bolster profits at market maker businesses such as the Winterflood unit of Close Brothers, as investors turn portfolios around more frequently.
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That number will ultimately be determined by the designated market maker, based off a calculation of a figure where buy orders can be met with sell orders.
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But it also stands to reason that brokerage customers ultimately foot the bill — and the profit margin of the market-maker — through poorer prices on securities transactions.
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Disclosure: Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in the securities of Alphabet or in any related derivatives
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Electronic market maker Jane Street Group postponed a call scheduled for Monday in light of current market conditions, Morgan Stanley told potential lenders, according to two additional sources.
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Between the lines: It's not uncommon for a market-maker to put in seed money when a new ETF launches and then pull that money at a later date.
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Electronic market-maker Jane Street Group, retailer Men's Wearhouse, chemicals company Vantage Specialty, and analytics provider JD Power & Associates are repricing existing leveraged loans to cut their borrowing costs.
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Disclosure: Susquehanna and/or its affiliates beneficially own 1 percent or more of the securities of NFLX and Susquehanna is a market maker in the securities of NFLX. Disclaimer
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SocGen, as the issuer and designated market maker of the DLCs, will set the bid and ask pricing of the Singapore-listed certificates when trading starts in two weeks.
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As a market maker in SPY options, Susquehanna trades those options regularly, and Jacobson says he has seen several large trades indicating some investors already are using the strategy.
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Driving an unlicensed taxicab is illegal in many cities, but Uber insisted that it was simply a market maker — connecting drivers with riders — and not subject to city taxi regulations.
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OSLO, June 27 (Reuters) - Sweden's Vattenfall has become a market maker for the Nordic power futures traded on the European Energy Exchange (EEX), the Leipzig-based exchange said on Monday.
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Put more accurately, can Citadel trade through its NYSE market maker and, if so, will it have an unfair advantage over other institutions, and individuals, trading through the Citadel owned platform?
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Citadel Securities, the trading arm of Citadel LLC, which also runs a hedge fund, is a top global market maker for stocks, fixed income, options, exchange-traded funds and foreign exchange.
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" Richard Repetto, managing director of Piper Sandler & Co., said market makers were seeing very few issues as of yet: "I do cover virtual market maker[s] in some of these instruments.
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"We're going to bring the power of the floor, the magnitude of that designated market maker — the person that's responsible to be there — to add liquidity, but also reduce volatility," Yones said.
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"Clearly the interpretation is that, at least for now, the foot is off the gas in terms of volatility," Sebastian, a former market maker on the AMEX and the CBOE exchanges, said.
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The FTSE 250 company also said volumes and trading income at its market maker - Winterflood - have been significantly lower than last year reflecting difficult and volatile equity market conditions, particularly in December.
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British lender Close Brothers Group gave a different picture — seeing a rise in first-half profit, driven by strength in banking and asset management and higher trading income from market maker Winterflood.
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For instance, Robinhood said in regulatory filings it sent 40% of its orders of NYSE-listed securities during the third quarter to Citadel Securities, the market maker founded by billionaire Ken Griffin.
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Even though he has handled options in other markets for almost a decade, Lin Qihong, investment director at the brokerage's option market maker division, remained cautious on the eve of the Friday launch.
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BLANKFEIN: BUT THE GROWNUPS AREN'T KERNEN: GOD, I JUST HAD A FLASHBACK WHEN YOU WERE TRYING TO EXPLAIN TO LEVIN WHAT IT MEANT TO BE A MARKET MAKER VERSUS A PRINCIPLE IN A TRADE.
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"These regulatory reforms should enhance banks' incentives to take sovereign risk into account...while at the same time allow banks to continue playing their market‐maker and stabilizing roles in sovereign debt markets," the paper said.
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Since then the unit has slashed its product lines from 274 to three: interest-rate products; currencies; and financing, which helps corporate and institutional clients raise debt and acts as a market maker for their bonds.
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At the heart of this moral maze is the simple fact that the customer always wants to get the best bid or ask from a market-maker who also has to make money from the trade.
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Responding to a report by Reuters earlier on Thursday, the INE, part of the Shanghai Futures Exchange (ShFE), said in an email that it was studying introducing a market-maker scheme following requests from some investors.
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Instead a market maker collected all of the buy and sell orders and balanced them out to come up with an opening price of $165.90, valuing the world's No. 1 streaming music service at around $30 billion.
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Some of the exchange-traded funds listed by Cboe, which is the No. 2 U.S. stock exchange operator, behind Intercontinental Exchange Inc's NYSE unit, need market maker support in order to maintain a tight spread, he said.
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The company, which calls itself the largest online gaming software supplier traded on London's main market, said a team from the UK-based B2B market maker, dealer and broker would join the TradeTech Group, Paytech's financials division.
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LONDON (Reuters) - The London Metal Exchange's gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said.
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My view was a less liquid market, a "buyers' market," and I had been told the night before on my way home from a holiday party by a "market maker" they were expecting robust demand on Saturday.
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Arthur Breitman had worked at the high frequency trading desk at Goldman Sachs and was an options market maker at Morgan Stanley, while Kathleen Breitman is a former management associate at Bridgewater Associates, the world's largest hedge fund.
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Sozzi is vice president of institutional equities at the Chicago-based market maker, leading the business development of Citadel Securities' equity and exchange-traded-fund (ETF) businesses for over 200 clients, including hedge funds, asset managers, and banks.
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Goldman Sachs – Goldman is pulling back from its market making activities in exchange-traded funds, according to The Wall Street Journal, which said the firm has lashed the number of funds it supports as a lead market maker.
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These types of applications, if they work well, will go a long way in bolstering Axon's status as a market maker for law enforcement, a title it earned in the early 2000s when it started selling the Taser.
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Goldman Sachs (GS) is pulling back from its market making activities in exchange-traded funds, according to the Wall Street Journal, which said the firm has slashed the number of funds it supports as a lead market maker.
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For an individual stock to begin trading on a typical day, the trader responsible for that stock - known as the market maker - has to disclose the likely price at which a stock will open, known as pre-opening indications.
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David Frey of KPMG, a consultancy, believes that it has played a useful role as a "market-maker", one reason why China is far ahead of America in both electric-vehicle (EV) registrations and the number of charging facilities.
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In July 2016, the NYSE issued new rules that permit more NYSE stocks to open "automated," that is, without having a designated market maker manually open the stock, though they retain the discretion to open stocks manually if warranted.
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Further, we believe its traffic, capital, and data provide competitive advantages that position Zillow to become the leading market maker for residential real estate in the U.S. We believe can drive substantial profit growth and ancillary opportunities over time.
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The group's securities business, Winterflood Securities Limited, is a leader in market making European stocks, including being the largest UK market maker for retail brokers (by number of UK stocks covered) and has been consistently profitable over the years.
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It is also the biggest designated market maker on the floor of Intercontinental Exchange Inc's New York Stock Exchange, has a 21 percent market share in U.S. equity options, and is a top five player on many European exchanges.
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LONDON, Sept 22018 (Reuters) - The London Metal Exchange's gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said.
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"The UK Debt Management Office (DMO) is announcing that it has today accepted the resignation of Scotiabank Europe plc as a Gilt-Edged Market Maker (GEMM) in both the conventional and index-linked gilt sectors," the DMO said in a statement.
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Though Spotify has not hired traditional underwriters - a move that will save it millions of dollars in fees - it has hired Citadel Securities as a market maker to set the opening price on the NYSE, with help from Morgan Stanley.
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Goldman is no longer the lead market maker on major ETFs including the $78 billion iShares MSCI EAFE ETF, $14 billion Guggenheim S&P 500 Equal Weight ETF and $8 billion WisdomTree Japan Hedged Equity Fund, according to NYSE data.
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"As an investor, we are keen to become a market maker, provided that suppliers are ready to post meaningful volumes for us to trade," said Luo Jing, deputy head of gas development at China Gas Holdings, a piped gas distributor.
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Critics contend that practice poses a potential conflict of interest for retail brokerage firms: They may be tempted to sell customer orders to the highest bidder rather than to the market maker who will obtain the best prices and fastest execution for investors.
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That's then sent to the exchange where the exchange can take and add any other market maker or bank that has another seller or a buyer — so they add in, call it, another 30% from other brokers — and that produces the opening transaction.
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Pursuant to NYSE Rules, we have engaged Morgan Stanley & Co. LLC ( "Morgan Stanley") as a financial advisor to be available to consult with the designated market maker (the "DMM") in setting the opening public price of our ordinary shares on the NYSE.
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"We're hoping to start to roll out this program within the next couple of months where we'll actually bring ETFs back down to the [NYSE] floor, where you have the designated market maker that can add the human component to trading ETFs," he said.
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However, I think there is an enormous conflict of interest in having a company that owns a large hedge fund, which seeks to move billions of dollars in trades every single day, also own an NYSE market maker, which facilitates those very same trades.
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But the opportunity offered by Monday's falling bond price saw a market maker added to the mix, with Goldman Sachs quoting an upfront price of 18 points to buy debt protection, and 16 to sell, according to Reuters trading sources with access to the quotes.
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Interactive Brokers: up 22 percent TD Ameritrade (Scottrade): up 19 percent ETrade: up 18 percent Schwab: up 2 percent Source: CNBC Another beneficiary of market chaos: Market maker and high-frequency trading shop Virtu Financial, whose shares are up nearly 100 percent this year.
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SocGen, one of five lenders that partnered with the LME to launch the contracts in 2017, is expected to resign shortly as a market maker, taking the number of banks committed to offering tradeable prices to two -- Goldman Sachs and Morgan Stanley, the sources said.
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SocGen, one of five lenders that partnered with the LME to launch the contracts in 2017, is expected to resign shortly as a market maker, taking the number of banks committed to offering tradeable prices to two — Goldman Sachs and Morgan Stanley, the sources said.
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Goldman has told fund providers it is scaling back its role as a top lead market maker (LMM) for ETFs and has already slashed the number of funds it supports in that capacity, according to disclosures, fund managers and other trading firms this month.
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"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," the chief executive of GTS, Ari Rubenstein, said in a statement.
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Cunningham: In the simplest terms, it's the technology that we use to run our markets, and it is our matching engines that bring together all the buyers and sellers layered in with the interactions that the designated market maker and human beings have over our process.
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" Bill Dreher, an analyst at Susquehanna International Group and a market maker for Sears' stock, said he believes Sears "is entering into a deeper point of financial distress, and that the company is closer to being forced to file for bankruptcy protection than we had previously suspected.
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But the opportunity offered by Monday's falling bond price saw a market maker added to the mix, with Goldman Sachs quoting an upfront price of 18 basis points to buy debt protection, and 16 to sell, according to Reuters trading sources with access to the quotes.
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Citadel Securities, which acquired its trading business on the floor of the New York Stock Exchange in 2016 from high-frequency trader KCG, is responsible for helping the trading of more than 1,400 securities, including Walmart and Coca-Cola, as a so-called designated market maker.
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"If you're a market maker and you don't take an opportunity to strap on risk when you see an asymmetric payoff, why are you paying a guy who can do that to not do that?" said a trader at a major Wall Street firm who declined to be identified speaking candidly.
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VFH is a wholly-owned subsidiary of Virtu and as such, its ratings are aligned with those of Virtu and reflect the firm's established market position as a technology-driven market-maker across various venues, geographies and products, its diversified and growing revenue base, scalable business model, and experienced management team.
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The United Arab Emirates' largest lender by assets was the Abu Dhabi exchange's only official market-maker, quoting both buying and selling prices to make it easier for investors to move in and out of positions, after a February launch that the head of the 373 billion dirham ($101.6 billion) bourse said would increase liquidity and trading.
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However, earnings at Winterflood, Europe's largest market maker, jumped 14% to 10.6 million pounds as investor confidence improved after a decisive result from the December election in the UK. The current year by far has been the most volatile for markets since the 2008 financial crisis, with crude prices marking their worst day on Monday since the 1991 Gulf War.
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WE'RE DOING A LIGHT REMODEL, GETTING THE HOME READY FOR SALE AND RESELLING IT. WE THINK THAT WE CAN PREMARKET THE HOME TO BUYERS WHOSE INFORMATION -- YOU KNOW, THEY'RE TELLING US WHAT HOMES THEY WANT TO BUY, THEY'VE GOT SAVED SEARCHES SET UP AND AS ESSENTIALLY A MARKET MAKER IN THE BUYING OF THE HOME AND RESELLING OF THE HOME WE THINK WE CAN BUILD A NEW BUSINESS.
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