The New York Stock Exchange (NYSE) and IMC Financial Markets (IMC), a global market making firm, today announced IMC Chicago LLC is expected to become a Designated Market Maker (DMM) by acquiring the Goldman Sachs DMM trading rights. Upon completion of the transaction, IMC will be the DMM for over 630 securities and approximately 400 operating companies, including many U.S. and international blue chip corporations. The transaction is expected to close in the third quarter. Financial terms of the transaction were not disclosed.
“IMC’s new role as a Designated Market Maker on the NYSE further enhances our company’s longstanding commitment to transparent and efficient markets for the benefit of issuers and investors,” said Scott Knudsen, managing director and head of trading at IMC Chicago. “IMC has 25 years of experience in floor trading and market making, and is well-positioned to serve issuers and investors with superior pricing, liquidity and reliability.”
IMC is one of the largest market making firms in the world, with diverse multi-asset operations on more than 100 exchanges around the globe. IMC provides liquidity in over 200,000 securities and is a significant liquidity provider in the U.S. on NYSE Arca, NASDAQ, BATS, CBOE, CME Group, and ICE exchanges, among others.
At the center of NYSE’s market model, DMMs combine human expertise with advanced technology to meet definitive obligations to maintain a fair and orderly market. Proven to enhance overall market quality in NYSE-listed issues, DMMs are among the most active trading firms on the NYSE, consistently quoting at the National Best Bid and Offer (NBBO) and facilitating price discovery during opening and closing auctions and market imbalances. For more information about the unique role and obligations of NYSE DMMs, click here:
“We welcome IMC, a recognized innovator in market making globally, to the floor of the NYSE as a Designated Market Maker,” said Joseph Mecane, Executive Vice President and Head of Equities, New York Stock Exchange. “The addition of IMC, a firm focused on making markets, will further strengthen the NYSE’s unique listing and trading experience where dedicated liquidity providers, customer agents and market participants meet to trade NYSE-listed issues in an open, transparent and fair marketplace.”