Global Trading Systems
GTS is a privately held New York-based global market maker and quantitative trading firm providing AI-driven liquidity across equities, ETFs, fixed income, FX, futures, and digital assets, serving financial institutions, broker-dealers, and NYSE-listed public companies.
- Company typePrivate
- Founded2006
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Global Trading Systems does
Global Trading Systems (GTS) is a privately held, New York-headquartered global market maker and quantitative trading firm founded in 2006 by Ari Rubenstein. The firm provides liquidity and execution services across equities, ETFs, fixed income, FX, futures, and digital assets, serving leading financial institutions, broker-dealers, ETF issuers, and NYSE-listed public companies. GTS operates as the largest Designated Market Maker (DMM) at the New York Stock Exchange, responsible for 1,116 stock issues representing $14 trillion in market capitalization (32% of NYSE share), and has handled over 250 IPOs since 2013, including the Alibaba IPO. The firm commits more than $2 billion in capital daily, accounts for 3-6% of US cash equities volume, and trades up to 1 billion shares per day across 30,000+ financial instruments globally.
GTS generates revenue through transaction-based market making across multiple business lines organized into four divisions: GTS Securities (electronic market making across asset classes), GTS Asset Management (multi-asset class advisory for private funds), GTS Digital (cryptocurrency and digital asset trading, integrated from Radkl in 2023), and GTS Execution Services (agency execution brokerage). The firm also operates ClearList, a majority-owned digital trading platform for private company securities serving 400+ family offices and institutional investors. Underlying the franchise is a proprietary AI- and machine-learning-driven trading technology stack with advanced pricing models, agile execution infrastructure, and cross-asset pricing consistency that the firm describes as having been proven in extreme market conditions. Distribution relies on direct institutional sales, NYSE floor presence, and strategic partnerships (notably BNP Paribas), with the firm operating offices in New York, Florida, London, Tel Aviv, Kitchener, Montevideo, and Warsaw. The firm is regulated as an SEC-registered broker-dealer and FINRA member in the US, with GTS Securities Europe Ltd. authorized by the UK Financial Conduct Authority.
Global Trading Systems firmographics
Firmographics- Name
- Global Trading Systems
- Legal name
- Global Trading Systems
- Website
- https://gtsx.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- GTS is a privately held New York-based global market maker and quantitative trading firm providing AI-driven liquidity across equities, ETFs, fixed income, FX, futures, and digital assets, serving financial institutions, broker-dealers, and NYSE-listed public companies.
- Ownership category
- akta.pro rank
Global Trading Systems industry classification
Industry- Product category
- Institutional Market Making Services
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Investment Banking and Securities Intermediation (52315), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Electronic/Direct Market Access (DMA) & Sponsored Access (FSACAFAI)
- akta.pro secondary industries
- FX & Spot Metals Brokerage (FSAEACAK), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)
Keywords
Where Global Trading Systems is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices9 records
Markets served
Global Trading Systems business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Designated Market Making (DMM): GTS serves as one of the largest DMMs at NYSE, providing liquidity and fair orderly markets for listed companies. Revenue generated through bid-ask spreads and trading volumes on 1,116 stock issues representing $14 trillion market capitalization
- Wholesale Market Making (WMM): Global liquidity provision to broker-dealers and institutional clients across exchange-listed and OTC securities, covering all asset classes with customized liquidity solutions and competitive pricing
- ETF Market Making: Execution and liquidity services for all ETF asset classes listed in the U.S., leveraging technology and market expertise to deliver outcomes for institutional clients
- Proprietary Trading: Trading firm capital across global financial instruments to generate returns through market-making activities and arbitrage strategies
- GTS Digital (Digital Assets): Cryptocurrency and digital assets trading through GTS Digital, formed from integration of Radkl operations
- GTS Asset Management: Multi-asset class advisory services to private funds through GTS Asset Management division
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Institutional client services with customized pricing based on execution volume and asset class |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Global Trading Systems product offering
Product offeringCore offering
Global Trading Systems (GTS) is a quantitative trading firm and Designated Market Maker (DMM) that provides liquidity across equities, ETFs, fixed income, foreign exchange, futures, and digital assets. The firm serves as the largest DMM at NYSE with a portfolio of 1,116 stock issues representing $14 trillion in market capitalization, while also operating global wholesale market making, ETF market making, FX trading, and agency execution services through subsidiaries GTS Securities, GTS Execution Services, GTS Asset Management, and GTS Digital.
Product overview
GTS is a collection of financial services companies organized into four main divisions: GTS Securities (core electronic market making), GTS Asset Management (multi-asset class adviser), GTS Digital (cryptocurrency trading), and GTS Execution Services (agency execution broker). GTS Securities, the flagship business, provides liquidity across equities, ETFs, fixed income, FX, and futures. The firm operates one of the largest NYSE Designated Market Making operations with 1,116 stock issues representing $14 trillion in market cap, plus ETF Market Making, Wholesale Market Making, and FX trading capabilities. Supporting services include ClearList (private company equities marketplace) and proprietary technology infrastructure.
Differentiator
Problem solved
Functional benefit
Brands
- GTS Securities: Leading global trading firm and electronic market maker providing liquidity across equities, ETFs, fixed income, FX, and futures
- GTS Asset Management
- GTS Digital
- GTS Execution Services (GTEX)
- ClearList
- Strike Technologies
- GTS Mishler
Products and services
- NYSE Designated Market Making (DMM) Largest Designated Market Maker at NYSE responsible for 1,116 stock issues representing $14 trillion market capitalization (32% of NYSE market share). Provides fair and orderly markets, IPO support, and ongoing stock stewardship for nearly 900 public companies including 6 DJIA components and 164 S&P 500 members.
- ETF Market Making Execution and liquidity services for all ETF asset classes listed in the U.S. Leverages proprietary technology and 25+ years of trading expertise to deliver liquidity and competitive pricing for institutional ETF clients.
- Wholesale Market Making (WMM) Global liquidity provision to broker-dealers and institutional clients across exchange-listed and OTC securities covering equities, ETFs, fixed income, and other asset classes. Combines expert execution, deep liquidity, and customized liquidity solutions.
- FX Trading
Quantifiable outcome
- 250+ IPO listings handled since 2013
- +4 more outcomes
Companies that use Global Trading Systems
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles4 records
Global Trading Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature4 records
Global Trading Systems partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and strategic.
- GTS SecuritiescoreGTS Securities serves as lead market maker for Aura ETFs' U.S. Defense ETF (NYSE: DUTY), providing liquidity and market making services for the fund tracking the Solactive US Defense Index.
- RadklcoreGTS integrated Radkl operations into GTS Digital, formalizing the digital assets trading business within the GTS corporate family. Radkl was launched by GTS partners in September 2021 and is led by Ryan Sheftel.
- JukeboxstrategicGTS partnered with Jukebox to create a registered trading platform enabling retail investors to purchase music rights of their favorite artists or music catalogs. Launch slated for end of 2023 with over $4 billion of rights.
- Pyth NetworkstrategicGTS joined the Pyth Network, a decentralized financial market data distribution platform, directly publishing proprietary market data through an independently operated node. This collaboration brings institutional-quality pricing data to DeFi applications on Solana and other blockchains.
- ClearListcoreClearList is a digital trading platform for private company securities majority-owned by GTS. It transforms price-discovery of private company securities and provides liquidity through a network of 400+ family offices and institutional investors. ClearList utilizes GTS technology for the ClearPrice mechanism.
- Cantor FitzgeraldcoreGTS completed acquisition of Cantor Fitzgerald's automated ETF and Wholesale OTC Market Making businesses, bringing 30 employees and key leadership including Reginald Browne (ETF) and Joe Pleffner (Wholesale OTC). Cantor continues as counterparty in ETFs in partnership with GTS.
- Mischler Financial GroupcoreGTS took an equity stake in veteran-owned Mischler Financial Group, the financial services industry's oldest minority broker-dealer owned and operated by service-disabled veterans. The partnership establishes a best-in-class offering for primary debt and equity market underwriting as well as secondary market execution. Mischler becomes a forward operating base for GTS capital markets franchise.
- BNP ParibascoreStrategic collaboration extended from US Treasuries into US Equities. BNP Paribas leverages GTS trading and technology capabilities to provide clients deeper liquidity, tighter spreads, and improved pricing. BNP Paribas' secondary electronic market share with clients in US Treasuries grew from 1.5% to 4.0% through this partnership.
Scale indicators12 records
Recent moves9 records
Expansion highlights7 records
Global Trading Systems competitors and assessment
Company assessmentDirect peers
- Citadel Securities: One of the largest US equity market makers and a major ETF liquidity provider; competes head-to-head with GTS on NYSE retail and wholesale equity flow.
- Optiver: Global market maker in listed derivatives, equities, and FX; comparable on cross-asset electronic market making with deep technology investment.
- IMC Financial Markets: Amsterdam-headquartered quantitative market maker providing liquidity across options, equities, bonds, and FX; directly comparable on multi-asset electronic trading scale.
- Two Sigma Securities: Quantitative trading arm of Two Sigma providing liquidity in US equities and ETFs using technology-driven strategies; overlaps directly with GTS's electronic market making.
- Hudson River Trading: Quantitative market maker providing liquidity across global equities, ETFs, futures, options, and FX; directly comparable on technology-driven, multi-asset market making.
- DRW Trading: Diversified principal trading firm active in equities, fixed income, commodities, and digital assets; comparable scale and cross-asset scope to GTS.
- Jump Trading: Quantitative trading firm active in US equities, futures, options, and digital assets; competes with GTS on speed, scale, and cross-asset liquidity provision.
- Virtu Financial: Public global market maker across equities, ETFs, fixed income, FX, and commodities with cross-asset electronic liquidity provision; the most direct scale comparable to GTS's wholesale and ETF market making franchises.
- Akuna Capital: Quantitative trading firm providing liquidity in options, equities, and futures with proprietary technology; comparable on technology-led market making model.
- Flow Traders: Public European-listed principal trading firm specializing in ETF and equity liquidity provision globally; closest public peer to GTS's ETF market making business.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Global Trading Systems social profiles
Digital presenceGlobal Trading Systems compliance and trust
Trust signalCompliance4 records
Global Trading Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Global Trading Systems leadership team
Management profileNumber of profiles
Profiles10 records
Global Trading Systems subsidiaries and ownership
Company hierarchySubsidiaries6 records
Global Trading Systems funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Global Trading Systems M&A and investment
M&A and investmentM&A1 record
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Global Trading Systems
What does Global Trading Systems do?
Global Trading Systems (GTS) is a quantitative trading firm and Designated Market Maker (DMM) that provides liquidity across equities, ETFs, fixed income, foreign exchange, futures, and digital assets. The firm serves as the largest DMM at NYSE with a portfolio of 1,116 stock issues representing $14 trillion in market capitalization, while also operating global wholesale market making, ETF market making, FX trading, and agency execution services through subsidiaries GTS Securities, GTS Execution Services, GTS Asset Management, and GTS Digital.
Is Global Trading Systems a public or private company?
Global Trading Systems is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Global Trading Systems founded?
Global Trading Systems was founded in 2006. It employs 101 to 250 people.
Where is Global Trading Systems based?
Global Trading Systems is headquartered in New York, United States, in the North America region.
How does Global Trading Systems make money?
Six revenue lines are on record. Designated Market Making (DMM) is the primary driver. The others are wholesale Market Making (WMM), ETF Market Making, proprietary Trading, GTS Digital (Digital Assets) and GTS Asset Management.
Who are Global Trading Systems's main competitors?
Direct peers on record are Citadel Securities, Optiver, IMC Financial Markets, Two Sigma Securities, Hudson River Trading, DRW Trading, Jump Trading, Virtu Financial, Akuna Capital and Flow Traders.
Does Global Trading Systems have an API?
No public API is recorded for Global Trading Systems.
What industry is Global Trading Systems in?
Global Trading Systems's product category is Institutional Market Making Services. Its primary akta.pro industry code is FSACAFAI, Electronic/Direct Market Access (DMA) & Sponsored Access, with a secondary code of FSAEACAK, FX & Spot Metals Brokerage. Its NAICS code is 5231 and its SIC code is 6211.