GTS has agreed to acquire the exchange traded funds (ETF) and wholesale market making businesses of Cantor Fitzgeraldn for an undisclosed sum.
Image: GTS has agreed to acquire Cantor Fitzgerald’s ETF and wholesale market making businesses. Photo: courtesy of rawpixel / Unsplash.
The acquired business will allow GTS to expand its operations in America and across the world, in addition to elevating into the top-tier global brokers.
As part of the deal, around 35 personnel from Cantor Fitzgerald will join GTS, enabling to expand business.
Reginald Browne, along with his partners Eric Lichtenstein and Darren Taube, will lead the ETF business. Joe Pleffner, Mike Strashnov and Menash Cohen will manage the wholesale market making business.
GTS CEO and co-founder Ari Rubenstein said: “Investors around the world can now leverage the very best in machine learning, artificial intelligence and execution technology to help them save money whenever they trade and invest.
“This is an unprecedented opportunity for investors that unites unrivaled innovation with pioneering client service – while enhancing the capital raising opportunities for listed companies.”
The deal is expected to be completed in the first quarter of 2019. Rosenblatt Securities has served as an advisor to GTS related to the deal.
New York Stock Exchange president Stacey Cunningham said: “The NYSE and our partners embody the synthesis of technology and human judgment, leading to the best possible outcome for investors and issuers.”
At the NYSE, GTS is responsible for the trading in over 900 public companies, which have a total market capitalization of around $13 trillion dollars.
Listed securities comprise of blue-chip companies ranging from ExxonMobil to international companies such as Alibaba to major technology firms such as Oracle and AT&T.
GTS, which is an electronic market maker across global financial instruments, leverages the latest in artificial intelligence systems and advanced pricing models to support financial markets.
The company is said to account for 3% to 6% of daily cash equities volume in the US and trades more than 10,000 different instruments across the globe. GTS is claimed to be largest designated market maker (DMM) at the NYSE.