Primary Market Maker (PMM) versus Competitive Market Maker (CMM)
Looking back to last year’s ranking, a few significant changes are interesting. The Australians from Tibra must have decided to cut back in the amount of liquidity provider roles. They’re going back from 47 to 20 roles. Furthermore the merged company of All Options and Saen was forced to return half of their LP roles as a consequence of the Euronext rules, which prohibit double primary market licenses by the same company in the same class. Another silly thing which raises questions is the relatively small Munnik Options, which must have quitted most small roles and is focussing on the index only. Reasonable perhaps, but this means they have to be dropped from the prestigious who’s who list below.
The firms with the most PMM roles:
- All Options (45)
Optiver (45) - IMC (24)
- Scrocca (23)
- Leopark (18)
- 323 Trading (16)
- Tibra (13)
- Susquehanna (12)
- Caerus (3)
The firms with the most roles, CMM and PMM added together:
- All Options (57)
- Optiver (56)
- Goldman Sachs (42)
Susquehanna (42) - Timber Hill (38)
- IMC (32)
- 323 Trading (31)
- Leopark (29)
- Scrocca (27)
- BNP (21)
- Tibra (20)
- Archelon (20)
- Hardcastle (18)
- Caerus (17)
- Fluhalp (12)
- Calimero (11)
- Nino (10)
Source; Euronext, information from May 3, 2010