GTS

GTS, or Global Trading Systems, is a privately held American proprietary trading and market-making firm headquartered in New York City. The company develops and operates electronic trading systems that provide liquidity across several financial markets, including U.S. equities, futures, currencies, exchange-traded funds, corporate bonds, U.S. Treasury securities, and equity options. Its activities combine automated trading, quantitative analysis, exchange connectivity, risk management, and, in some markets, human oversight. The company was founded in 2006 by Ari Rubenstein, David Lieberman, and Amit Livnat. The three founders had previously worked together in the cash-equities business at Pax Clearing Corporation. Their experience led them to conclude that advances in computing could execute trades more quickly and efficiently than traditional manual processes. The initial business focused on equities, but GTS gradually broadened its market coverage. It entered futures trading in 2009 and foreign-exchange trading in 2013. GTS expanded beyond purely electronic market making through acquisitions and strategic relationships. In 2014, its subsidiary Strike Technologies sold its microwave-communications technology unit, StrikeNet, to TMX Group. In 2016, GTS acquired Barclays' designated market-maker business at the New York Stock Exchange. The transaction made GTS the designated market maker for more than 1,200 NYSE-listed securities, including securities associated with companies such as Twitter, Berkshire Hathaway, and Alibaba. The deal reflected the increasing role of specialized electronic trading firms on the exchange floor as major banks withdrew from that market-making role. The firm subsequently developed partnerships and businesses serving institutional and, later, retail-market functions. In 2017, GTS and BNP Paribas formed a relationship under which BNP Paribas used GTS technology in U.S. Treasury trading. The companies later extended their cooperation to U.S. equities. In 2018, GTS acquired Cantor Fitzgerald's automated exchange-traded-fund and retail-stock-trading divisions, giving it a more direct route to retail order flow. It also formed a strategic alliance with Mischler Financial Group and took an ownership interest in quantitative investment manager Wavelength Capital Management. In 2019, GTS expanded into U.S. corporate-bond trading and acquired Barclays' equity-options trading division. GTS has maintained an international operating footprint, with offices or operations reported in Chicago, Florida, London, Paris, Warsaw, and Israel in addition to its New York headquarters. The company has also participated in the listing and market-making ecosystem surrounding initial public offerings; the reference material states that it had handled more than 250 IPO listings since 2013 and represented approximately 3% to 5% of daily U.S. equity turnover at the time described by the cited source. Those figures are time-sensitive and should not be treated as current without a newer company or independent source. In 2023, GTS acquired the foreign-exchange trading unit of HC Tech. The transaction strengthened its currency-market-making activities during a period of heightened global volatility. Overall, GTS is positioned as a technology-driven liquidity provider rather than a consumer-facing financial brand. Its business is concentrated on institutional, exchange, broker, and market-structure relationships, while its proprietary systems and quantitative trading capabilities form the central basis of its competitive proposition.

Global Trading Systems was established in 2006 by Ari Rubenstein, David Lieberman, and Amit Livnat. Before founding the firm, the three worked in cash equities at Pax Clearing Corporation. They believed that increasingly capable computers could execute and manage trades with greater speed, consistency, and efficiency than manual processes. The founders therefore created GTS as an electronic equity-trading operation. The company broadened its asset coverage over time. It began trading futures in 2009 and entered foreign exchange in 2013. This expansion moved GTS from a specialist equity operation toward a multi-asset market-making platform. The firm also developed technology for low-latency communications. In August 2014, its Strike Technologies subsidiary sold the StrikeNet microwave-technology business to TMX Group, separating that infrastructure activity from GTS's core trading operations. A major structural change came in 2016, when GTS purchased Barclays' designated market-maker business at the New York Stock Exchange. Following the transaction, GTS became the designated market maker for more than 1,200 NYSE-listed securities. The portfolio included securities linked to major public companies such as Twitter, Berkshire Hathaway, and Alibaba. Barclays' departure also illustrated the changing composition of the NYSE floor: specialized electronic trading companies increasingly replaced banks in designated market-making roles, although human traders continued to work alongside automated systems. Virtu Financial and Citadel Securities were identified as competitors in that environment. GTS next pursued partnerships and acquisitions intended to extend its institutional and retail reach. In November 2017, it partnered with BNP Paribas in U.S. Treasury trading. BNP Paribas used GTS technology to improve electronic pricing and compete more effectively for Treasury-market activity. The relationship was later extended to U.S. equities. In November 2018, GTS acquired Cantor Fitzgerald's automated ETF and retail-stock trading divisions. The deal gave GTS capabilities for serving retail-market activity more directly. During the same month, GTS entered a strategic alliance with Mischler Financial Group to support capital-markets activities. In December 2018, it acquired an ownership stake in Wavelength Capital Management, a quantitative investment firm. In June 2019, GTS announced that it planned to expand into U.S. corporate-bond trading. Later that year, in December, it acquired Barclays' equity-options trading division. These moves added fixed-income and derivatives capabilities to its established equities, futures, and foreign-exchange businesses. In October 2023, GTS acquired the foreign-exchange trading unit of HC Tech. The deal took place amid increased currency-market volatility associated with major geopolitical events, including the Russian invasion of Ukraine and the war in Gaza, and was presented as part of GTS's continued development in FX market making. The firm has been described as headquartered in New York, with additional offices in Chicago, Florida, London, Paris, Warsaw, and Israel. Its business is primarily institutional and market-infrastructure oriented. GTS provides liquidity and execution through automated systems across a range of instruments, while its NYSE designated-market-maker operation adds a visible exchange-floor presence. The cited reference also reports that GTS accounted for approximately 3% to 5% of daily U.S. equity turnover and had handled more than 250 IPO listings since 2013; these are historical reference figures whose applicable date should be checked before being presented as current. A securities-related enforcement matter mentioned in reference material concerns an entity named Global Transition Solutions, also abbreviated GTS, rather than Global Trading Systems. The matter involved alleged concealment of customer mark-ups and penalties against individuals associated with that other entity. It should not be treated as a scandal involving the Global Trading Systems company without separate evidence linking the two organizations.

• 2023

  HC Tech FX unit is acquired

  [1]GTS (company)en.wikipedia.org

  GTS acquires HC Tech's foreign-exchange trading unit.

• 2019

  Expansion into corporate bonds and equity options

  [1]GTS (company)en.wikipedia.org

  GTS announces a corporate-bond trading expansion and acquires Barclays' equity-options trading division.

• 2018

  Retail and quantitative-trading expansion

  [1]GTS (company)en.wikipedia.org

  GTS acquires Cantor Fitzgerald's automated ETF and retail-stock businesses, allies with Mischler Financial Group, and takes a stake in Wavelength Capital Management.

• 2017

  BNP Paribas Treasury partnership begins

  [1]GTS (company)en.wikipedia.org

  GTS and BNP Paribas cooperate in electronic U.S. Treasury trading, later extending the relationship to U.S. equities.

• 2016

  Barclays NYSE market-making business is acquired

  [1]GTS (company)en.wikipedia.org

  GTS acquires Barclays' designated market-maker operation and assumes responsibility for more than 1,200 NYSE-listed securities.

• 2014

  StrikeNet is sold to TMX Group

  [1]GTS (company)en.wikipedia.org

  Strike Technologies divests its microwave-communications unit, StrikeNet, to TMX Group.

• 2013

  Entry into foreign exchange

  [1]GTS (company)en.wikipedia.org

  GTS begins trading currencies and later develops a broader FX market-making business.

• 2009

  Entry into futures trading

  [1]GTS (company)en.wikipedia.org

  GTS expands beyond equities by beginning futures trading.

• 2006

  Global Trading Systems is founded

  [1]GTS (company)en.wikipedia.org

  Ari Rubenstein, David Lieberman, and Amit Livnat establish GTS as an electronic equity-trading firm.

A technology-led proprietary trading and market-making firm focused on providing liquidity, pricing, and execution across multiple asset classes.

• Equities · 2006

  U.S. equity market making

  GTS's original business involved automated trading and liquidity provision in equities. Its systems continuously evaluate prices, order flow, and market conditions to quote and execute transactions across U.S. equity venues. The business is primarily institutional and market-structure focused rather than a consumer investment product.

• Exchange services · 2016

  NYSE designated market making

  Through its 2016 acquisition of Barclays' NYSE designated market-maker operation, GTS became responsible for supporting orderly trading and liquidity in a large group of NYSE-listed securities. The operation combines exchange-floor personnel with automated pricing and trading technology.

• Derivatives · 2009

  Futures trading

  GTS entered futures trading in 2009, adding exchange-traded derivatives to its initial equity-market activities. The business extends the firm's electronic execution, pricing, and risk-management capabilities to futures markets.

• Foreign exchange · 2013

  Foreign-exchange market making

  GTS began trading currencies in 2013 and later expanded its FX capabilities through the acquisition of HC Tech's FX trading unit in 2023. The offering focuses on electronic pricing and liquidity provision for currency markets.

• Fixed income · 2017

  U.S. Treasury trading

  GTS supplies electronic-trading technology and market-making capabilities for U.S. Treasury securities. Its partnership with BNP Paribas was intended to improve institutional pricing and electronic market share in the Treasury market.

• Retail market infrastructure · 2018

  ETF and retail-stock trading

  The acquisition of Cantor Fitzgerald's automated ETF and retail-stock trading divisions gave GTS capabilities for handling retail-market activity more directly. This business complements its institutional market-making operations with automated trading infrastructure connected to retail order flow.

• Fixed income · 2019

  Corporate-bond trading

  GTS announced an expansion into U.S. corporate-bond trading in 2019. The move broadened its fixed-income presence beyond Treasuries and aligned with its strategy of applying electronic market-making technology to additional asset classes.

• Derivatives · 2019

  Equity-options trading

  GTS added an equity-options trading division through its 2019 acquisition of the corresponding Barclays business. The activity expanded the firm's derivatives coverage and added options-market expertise to its multi-asset platform.

• 2023

  Acquire HC Tech's foreign-exchange trading unitM&A

  Background

  GTS was expanding its FX market-making business during a period of elevated currency-market volatility.

  Action taken

  GTS acquired the foreign-exchange trading unit of HC Tech.

  Aftermath

  The acquisition strengthened GTS's capabilities and presence in foreign-exchange trading.

  Source

• 2019

  Expand into U.S. corporate-bond tradingStrategy

  Background

  After acquiring Cantor Fitzgerald's automated trading divisions, GTS identified corporate bonds as another market where its technology and market-making model could be applied.

  Action taken

  GTS announced an expansion into U.S. corporate-bond trading.

  Aftermath

  The move broadened GTS's fixed-income strategy beyond its U.S. Treasury activities.

  Source

• 2018

  Acquire Cantor Fitzgerald automated ETF and retail-stock divisionsM&A

  Background

  GTS sought to broaden its activities beyond institutional market making and gain a more direct role in retail-market trading.

  Action taken

  GTS acquired Cantor Fitzgerald's automated ETF and retail-stock trading divisions.

  Aftermath

  The deal expanded GTS's automated trading capabilities and retail-market reach.

  Source

• 2016

  Acquire Barclays' NYSE designated market-maker businessM&A

  Background

  Barclays exited its NYSE designated market-making operation as banks were increasingly replaced by specialized electronic trading firms in exchange market making.

  Action taken

  GTS acquired the business and became designated market maker for more than 1,200 NYSE-listed securities.

  Aftermath

  The transaction significantly increased GTS's presence on the NYSE and made it a prominent non-bank participant in listed-equity market making.

  • Virtu Financial — Virtu Financial was identified as a competitor in the NYSE market-making environment; no specific public reaction is provided in the cited material.
  • Citadel Securities — Citadel Securities was identified as a competitor in the NYSE market-making environment; no specific public reaction is provided in the cited material.

  Source

1. 1GTS (company)en.wikipedia.org