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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 leading 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 among the top five participants by volume on NYSE Arca, NYSE Arca Options, NYSE Liffe
To ensure a smooth transfer of responsibility, GETCO is working closely with Barclays Capital and the NYSE. 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.”
“GETCO is committed to promoting stable and efficient markets as a global market maker and liquidity provider,” said Dave Babulak, Managing Director of GETCO Securities. “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.”
DMMs are at the center of the NYSE’s unique high-tech/high-touch market model, and have obligations to maintain an orderly market, quote at the National Best Bid and Offer (NBBO) and facilitate price discovery during openings, closings and imbalances. DMMs are among the most active trading firms on the NYSE, accounting for an aggregate 9% of NYSE volume in the fourth quarter of 2009, up from 4% in September 2008, prior to the rollout of NYSE’s new market model. In the fourth quarter of 2009, DMMs quoted at the NBBO 43% of the time, DMMs represented 18% of the NYSE quote size at the NBBO, and 89% of DMM volume traded was liquidity providing (versus liquidity removing).
About GETCO:
GETCO is a global electronic trading and technology firm focused on helping investors efficiently transfer risk. The firm’s primary business, electronic market-making and liquidity provision, involves both buying and selling securities to provide two-sided markets on exchanges around the world. The electronic liquidity GETCO supplies allows individual and institutional investors to immediately transfer the risk often associated with securities while saving money on trading costs. In the
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the
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GETCO Contact:
Sophie Sohn
+1 312 931 2299
media@getcollc.com
NYSE Contact:
Ray Pellecchia
+1 212 656 2001
rpellecchia@nyx.com
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