Global Trading Systems

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.

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

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

• Designated market making
• Electronic market making
• Wholesale equity trading
• ETF liquidity provision
• FX market making

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. 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
2. 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
3. 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
4. Proprietary Trading: Trading firm capital across global financial instruments to generate returns through market-making activities and arbitrage strategies
5. GTS Digital (Digital Assets): Cryptocurrency and digital assets trading through GTS Digital, formed from integration of Radkl operations
6. GTS Asset Management: Multi-asset class advisory services to private funds through GTS Asset Management division

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• GTS SecuritiescoreChannel Partner/ Reseller/ Distributor · 17 June 2026GTS 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.
• RadklcoreStrategic or Co-development Partner · 31 March 2023GTS 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.
• JukeboxstrategicStrategic or Co-development Partner · 3 February 2023GTS 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 NetworkstrategicTechnology or Integration · 3 June 2021GTS 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.
• ClearListcoreStrategic or Co-development Partner · 22 April 2020ClearList 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 FitzgeraldcoreStrategic or Co-development Partner · 22 May 2019GTS 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 GroupcoreStrategic or Co-development Partner · 19 November 2018GTS 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 or Co-development Partner · 15 November 2018Strategic 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

Direct 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

• LinkedInlinkedin.com/company/global-trading-systems

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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