Designated Market Makers
The cornerstone of the NYSE market model is the Designated Market Maker or DMM. Formerly known as “Specialists,” DMMs are the only participant to have true obligations for maintaining fair and orderly markets for their assigned securities.They operate both manually and electronically to facilitate price discovery during market openings, closings and during periods of substantial trading imbalances or instability. This "high touch" approach is crucial for improving prices, dampening volatility, adding liquidity and enhancing value. DMMs apply keen judgment to knowledge of dynamic trading systems, macroeconomic news and industry specific intelligence, to make their trading decisions. The DMMs are a valuable resource for our listed company community, providing regular communication, making capital commitments, maintaining market integrity, and stepping in during special situations. Read case studies about our DMMs in action or a fact sheet with more details on their roles and responsibilities. You can also watch a video with DMMs on our enhanced trading floor.
|NYSE DMMs||NYSE MKT DMMs|
Floor brokers are employees of member firms who execute trades on the exchange floor on behalf of the firm's clients. As of 2012 there were 274 floor brokers among the 169 NYSE Member Firms (97 Electronic, 7 DMM, 65 Brokerage) on the NYSE and NYSE MKT. They act as agents, buying and selling stock for the public (institutions, hedge funds, broker/dealers). Floor brokers are physically present on the trading floor and are active participants during NYSE and NYSE MKT’s opening and closing auctions, as well as throughout the trading day. They also have the ability to participate electronically, and are able to access all markets and trade multiple asset classes to provide clients with a complete trading picture.
Supplemental Liquidity Providers
Supplemental Liquidity Providers (SLPs)are electronic, high volume members incented to add liquidity on the NYSE and NYSE MKT. All of their trading is proprietary. All NYSE and NYSE MKT stocks are eligible, but not all have SLPs. Supplemental Liquidity Providers are primarily found in more liquid stocks with greater than 1 million shares of average daily volume. Learn more about our Supplemental Liquidity Providers.
Other Market Participants
Electronic Market Makers and Brokers are active participants who participate electronically in all NYSE and NYSE MKT stocks. They include the same market makers found on other fully electronic exchanges.