Cleary Gottlieb is representing Barclays in connection with the sale of its New York Stock Exchange designated market maker (DMM) business to GTS Securities. Barclays has acted as a DMM on the NYSE for over 6 years, following its acquisition of DMM assignments and rights from LaBranche & Co. (in 2010) and Bear Wagner Specialists (in 2009). Barclays currently acts as a DMM for approximately 1,200 NYSE listed securities, which assignments are expected to transfer to GTS Securities, a high-speed trading firm and a market maker in equities, commodities, futures, foreign exchange and interest rate products, upon completion of the transaction.
The transaction, which was announced on January 26, 2016, is expected to close in the first half of 2016, subject to regulatory clearances and other customary closing conditions.