12.12.2011 14:32:00
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Virtu Financial Acquires NYSE AMEX Designated Market Maker
Virtu Financial ("Virtu”) today announced the acquisition of the Designated Market Maker ("DMM”) business from Cohen Capital Group’s NYSE Amex DMM Unit and Virtu’s entrance as a registered floor-based market maker at the New York Stock Exchange ("NYSE”) and NYSE Amex, wholly owned subsidiaries of NYSE Euronext (NYX). The acquisition was completed today and terms of the deal were not disclosed.
"This acquisition is consistent with Virtu’s primary business objective of providing highly efficient, fully obligated, customized liquidity to investors across all markets. We are excited about playing an important part of the NYSE and NYSE Amex marketplace. We look forward to working with our listed company partners and providing our unique liquidity to their valued investors,” said Vincent Viola, Chairman and CEO of Virtu Financial, LLC.
As a result of the close of the acquisition, Virtu will act as the DMM for approximately 170 companies and 80 closed-end funds, for a total of about 250 listed securities at the NYSE Amex. This acquisition makes Virtu the largest DMM by number of DMM assignments on the NYSE Amex. Virtu will assume responsibilities for its new DMM assignments beginning today, December 12, 2011.
"Virtu is an innovator whose addition to the NYSE and NYSE Amex DMM community will prove beneficial to issuers, investors and our market model,” said Joe Mecane, Executive Vice President, NYSE Euronext. "We welcome Virtu to the NYSE and NYSE Amex, and we are fully confident in the firm’s ability to serve our customers and to fulfill the important obligations of DMMs.”
Designated Market Makers are accountable for maintaining a fair and orderly market for NYSE listed securities via physical and electronic auctions. DMMs facilitate price discovery and act as dedicated liquidity providers, which results in tighter quoted spreads, deeper markets and greater price stabilization for the securities they service. DMMs are required to meet stringent NYSE depth and continuity standards.
Virtu is currently a Supplemental Liquidity Provider ("SLP”) on the NYSE, a Lead Market Maker on the NYSE Arca and a liquidity provider on over 100 exchanges and trading venues around the world.
About Virtu:
Virtu is a leading electronic market maker and liquidity providing firm across numerous exchanges and electronic marketplaces. From its offices in New York, Los Angeles, London, Dublin and Sydney, Virtu is active in electronic market making firm in equities, fixed income, currencies, options, energy products, metals and other commodities across the globe. Since 2002, Virtu's business has grown to comprise significant market share in numerous asset classes around the world, playing a vital role in contributing to the healthy and efficient functioning of global financial markets.
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 United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com.
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