Old Mission Market Making Firm Secures FINRA Approval For Launch Of Institutional Trading Business

Old Mission Holdings, a market-making firm, announced that the Financial Industry Regulatory Authority Inc. (FINRA) formally approved a brokerage license for its Old Mission Markets subsidiary to offer trading services directly to buy-side institutions and ETF issuers.

In a press release on the development, Old Mission co-founder and CEO Joe Guzowski said, “The seismic changes underway in the industry -- in particular the rotation of assets from mutual funds to ETFs, the continued tightening of spreads and the increasing focus on execution quality -- all play directly into our core strengths.”

The development comes after Old Mission emerged as a leader in the provision of on-screen liquidity. With the launch of this institutional business, Old Mission aims to relieve congestion and improve supply, demand, and trading activity for the emerging ETF space.

“Most of the industry’s largest institutions and ETF issuers have benefited over the last decade from the high-quality liquidity Old Mission provides, often in their hardest-to-trade names,” said Bryan Christian, former Head of U.S. Sales at Cboe Global Markets Inc. CBOE and Managing Director, Head of Business Development and Strategy at Old Mission. “We look forward to Old Mission now being able to work directly with these clients by offering unmatched prices and service levels, ultimately helping them succeed in the increasingly competitive ETF space.”