Listing on the NYSE
Why List on the NYSE?
NYSE Euronext is the world's largest cash equities market, trading more than one-third of the world's cash equity volume using trading models from all-electronic to block to anonymous. The aggregate market cap of the NYSE Euronext listed issuers is greater than that of those listed on the next four largest global exchanges combined. As a result, its trading platform offers the most liquid trading venue for the trading of equity products. Additionally, more than 500 Amex-listed companies are joining NYSE Euronext, adding to it a U.S. platform for small-cap companies and building on the company’s leadership position in global listings.
The New York Stock Exchange high-tech, high-touch model for trading equities perfectly pairs state-of-the-art technology with all of the advantages of human judgment, offering the greatest flexibility and price discovery possible.
What is the role of the Designated Market Maker?
The market quality of the NYSE is largely attributable to the role played by the Designated Market Makers (DMMs). DMMs are the center of order flow on the NYSE; they are the only participants in any market who have true accountability for the trading in their designated stocks. They are obligated to provide capital and promote continuous, fair, and orderly markets by matching buyers and sellers and providing price continuity. DMMs:
- Combine both a physical auction managed by DMMs and a completely automated auction that includes algorithmic quotes from DMMs and other market participants
- Have the obligation to maintain an orderly market in their stocks, quote at the national best bid or offer a specified percentage of the time, and facilitate price discovery throughout the day as well as at the open, close and in periods of significant imbalances
- Provide price improvement and match incoming orders based on a pre-programmed Capital Commitment Schedule, which has been added to the NYSE Display Book, minimizing order latency.
At Barclays Capital, our primary goal is to provide fair, orderly and liquid markets in all market conditions. As a Designated Market Maker, we strive to understand a company's fundamentals, products or services, and business strategies. We combine detailed knowledge of the activity of a company’s stock with a larger perspective on the company’s sector, industry peers and the news circulating throughout the markets. As a firm, Barclays Capital maintains an in-depth, well-informed view of the capital markets, supported by the top research teams in the US.1
1 Ranked #2 in Institutional Investor’s All-America Research Team rankings for 2010, our 9th consecutive year finishing in a Top 3 position
