Will Work Closely with CEO Ari Rubenstein, Serving as an Important Advisor on Legislative and Regulatory Solutions
New York, NY, March 12, 2018 – GTS, a leading electronic market maker across global financial instruments, today announced that the Honorable Michael S. Piwowar, former commissioner and acting chairman of the U.S. Securities and Exchange Commission (“SEC”) has been appointed as a senior advisor.
Piwowar, the executive director of the Milken Institute Center for Financial Markets, will provide GTS with legislative and regulatory advice. Piwowar has a long and distinguished record of public service. In addition to his five years at the SEC, which included a stint as acting chairman, he served as a senior staff member on the President’s Council of Economic Advisers and in the U.S. Senate, where he played a key role in the 2010 Dodd-Frank-Act.
Ari Rubenstein, CEO of GTS, said, “As a former trusted and respected public servant, Mike Piwowar is a natural fit with the ethos of GTS, which calls for innovation, responsibility and leadership in today’s modern markets. Regulatory and legislative matters in Washington are more complex than ever and Mike will be an important guiding hand to help GTS promote market confidence and policies that recognize the vital role that investors and public companies have in today’s market structure.”
GTS is a global electronic market maker, combining market expertise with proprietary technology. The firm accounts for 3-6% of daily cash equities volume in the U.S. and trades over 10,000 different instruments globally. GTS is the largest Designated Market Maker (DMM) at the New York Stock Exchange, responsible for nearly $13 trillion of market capitalization.
Piwowar said, “I came to know GTS first while at the SEC and was always impressed with the transparency and sense of responsibility the firm felt in the overall success of the U.S. capital markets. They are a leader with a demonstrated track record of using the most sophisticated technology to improve the efficiency of the markets and fair access for all participants. I look forward to partnering with Ari and the team on matters important to the investment community.”
Piwowar’s work with GTS comes during an exciting period of expansion for the firm. It recently announced several acquisitions and strategic partnerships, including the acquisition of the retail stock trading and ETF businesses of Cantor Fitzgerald, partnerships with Wavelength Capital Management and Mischler Financial Group, the securities industry’s oldest minority broker-dealer and a strategic collaboration with BNP Paribas to trade that firm’s U.S. Treasuries and U.S. Equities.