JPMorgan Picks Virtu as New NYSE Market Maker, Replacing KCGby
The switch will take effect Wednesday, according to the notice.
Companies that list on NYSE have their trading overseen by firms known as designated market makers, with KCG and Virtu among the biggest. One of their main roles is handling the opening auctions of their stocks every morning. Amid the market turmoil of Aug. 24, many stocks went haywire in the opening minutes. JPMorgan’s shares were among them, sinking as much as 21 percent before rapidly recovering most of the plunge.
The Wall Street Journal reported in December that JPMorgan was unhappy with how KCG handled its stock that day.
Shares of Virtu increased 1 percent Tuesday. Andrew Smith, a spokesman for Virtu, and Sara Cohen, a spokeswoman for NYSE, declined to comment. Brian Marchiony, a spokesman for JPMorgan, couldn’t be reached for comment.