{"url":"https://etfiq.com/trading/lead-market-makers/","section":"trading","title":"ETF Lead Market Makers (LMMs): Every Firm | ETFIQ","description":"Every ETF lead market maker (LMM) on the lists NYSE Arca, Cboe BZX and Nasdaq publish: 16 firms for 4,718 US ETFs, as of Oct 23, 2026. Facts only.","as_of":"Oct 23, 2026","structured_data":[{"@type":"ItemList","name":"ETF lead market makers (LMMs)","numberOfItems":16,"itemListOrder":"https://schema.org/ItemListOrderDescending","itemListElement":[{"@type":"ListItem","position":1,"name":"Jane Street Capital, LLC","url":"https://etfiq.com/trading/lead-market-makers/jane-street-capital/"},{"@type":"ListItem","position":2,"name":"Virtu Americas LLC","url":"https://etfiq.com/trading/lead-market-makers/virtu-americas/"},{"@type":"ListItem","position":3,"name":"Susquehanna Securities, LLC","url":"https://etfiq.com/trading/lead-market-makers/susquehanna-securities/"},{"@type":"ListItem","position":4,"name":"GTS Securities LLC","url":"https://etfiq.com/trading/lead-market-makers/gts-securities/"},{"@type":"ListItem","position":5,"name":"Citadel Securities LLC","url":"https://etfiq.com/trading/lead-market-makers/citadel-securities/"},{"@type":"ListItem","position":6,"name":"Old Mission Capital LLC","url":"https://etfiq.com/trading/lead-market-makers/old-mission-capital/"},{"@type":"ListItem","position":7,"name":"RBC Capital Markets, LLC","url":"https://etfiq.com/trading/lead-market-makers/rbc-capital-markets/"},{"@type":"ListItem","position":8,"name":"IMC-Chicago, LLC","url":"https://etfiq.com/trading/lead-market-makers/imc-chicago/"},{"@type":"ListItem","position":9,"name":"Wolverine Trading, LLC","url":"https://etfiq.com/trading/lead-market-makers/wolverine-trading/"},{"@type":"ListItem","position":10,"name":"Latour Trading LLC","url":"https://etfiq.com/trading/lead-market-makers/latour-trading/"},{"@type":"ListItem","position":11,"name":"Flow Traders U.S. LLC","url":"https://etfiq.com/trading/lead-market-makers/flow-traders-us/"},{"@type":"ListItem","position":12,"name":"Pundion","url":"https://etfiq.com/trading/lead-market-makers/pundion/"},{"@type":"ListItem","position":13,"name":"Goldman Sachs & Co. LLC","url":"https://etfiq.com/trading/lead-market-makers/goldman-sachs/"},{"@type":"ListItem","position":14,"name":"HRT","url":"https://etfiq.com/trading/lead-market-makers/hrt/"},{"@type":"ListItem","position":15,"name":"SG Americas Securities, LLC","url":"https://etfiq.com/trading/lead-market-makers/sg-americas-securities/"},{"@type":"ListItem","position":16,"name":"DV Equities","url":"https://etfiq.com/trading/lead-market-makers/dv-equities/"}]},{"@type":"DefinedTerm","name":"lead market maker","alternateName":["LMM"],"description":"The market maker a listing exchange assigns to an ETF to keep a bid and an ask on the exchange through the trading day, under that exchange\u2019s quoting rules.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"DefinedTerm","name":"authorized participant","alternateName":["AP","authorised participant"],"description":"A broker-dealer that has an agreement with an ETF to create new shares by delivering a basket of securities or cash to the fund, and to redeem shares by handing them back.","inDefinedTermSet":"https://etfiq.com/methodology/authorized-participants#glossary"},{"@type":"Dataset","name":"ETFIQ ETF lead market makers","description":"Per NYSE Arca, Cboe BZX and Nasdaq, as of Oct 23, 2026, 16 firms are the lead market maker (LMM) for 4,718 of the 4,805 US ETFs ETFIQ covers. Jane Street Capital, LLC leads the most, 993.","url":"https://etfiq.com/trading/lead-market-makers/","dateModified":"2026-09-23","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"creditText":"Lead market maker per NYSE Arca, Cboe BZX and Nasdaq, as of Oct 23, 2026","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/lead-market-makers.json"}],"license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is a lead market maker (LMM)?","acceptedAnswer":{"@type":"Answer","text":"A lead market maker (LMM) is the market maker a listing exchange assigns to an ETF to keep a bid and an ask on the exchange through the day, under the exchange\u2019s quoting rules. Nasdaq calls the role a Designated Liquidity Provider."}},{"@type":"Question","name":"Who is the largest ETF lead market maker?","acceptedAnswer":{"@type":"Answer","text":"By the ETFs each leads, per NYSE Arca, Cboe BZX and Nasdaq: Jane Street Capital, LLC, 993; Virtu Americas LLC, 734; Susquehanna Securities, LLC, 637; GTS Securities LLC, 621; Citadel Securities LLC, 535."}},{"@type":"Question","name":"What is the difference between an AP and an LMM?","acceptedAnswer":{"@type":"Answer","text":"An authorized participant (AP) creates and redeems shares with the fund. A lead market maker (LMM) quotes the ETF on its listing exchange. One firm can be both for the same fund."}},{"@type":"Question","name":"Does every ETF have an LMM on these lists?","acceptedAnswer":{"@type":"Answer","text":"No. 4,718 of 4,805 covered ETFs are on a list. Each exchange publishes only its own program."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Lead market makers","item":"https://etfiq.com/trading/lead-market-makers/"}]},{"@type":"WebPage","name":"ETF Lead Market Makers (LMMs): Every Firm","description":"Every ETF lead market maker (LMM) on the lists NYSE Arca, Cboe BZX and Nasdaq publish: 16 firms for 4,718 US ETFs, as of Oct 23, 2026. Facts only.","url":"https://etfiq.com/trading/lead-market-makers/","dateModified":"2026-09-23","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5505,"truncated":false,"content":"ETFIQ / Lead market makers \n \n As of Oct 23, 2026 . From each listing exchange\u2019s own list.\n ETF lead market makers (LMMs)\n Per NYSE Arca, Cboe BZX and Nasdaq, as of Oct 23, 2026, 16 firms are the lead market maker (LMM) for 4,718 of the 4,805 US ETFs ETFIQ covers. Jane Street Capital, LLC leads the most, 993.\n Every ETF lead market maker (LMM) on the lists NYSE Arca, Cboe BZX and Nasdaq publish, ranked by the ETFs each leads. Lead market maker per NYSE Arca, Cboe BZX and Nasdaq, as of Oct 23, 2026. # Firm What it is LMM for NYSE Arca Cboe BZX Nasdaq Also an AP \n 1 Jane Street Capital, LLC A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. 993 548 222 223 AP page \n 2 Virtu Americas LLC A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. 734 484 106 144 AP page \n 3 Susquehanna Securities, LLC Market maker 637 274 162 201 not listed \n 4 GTS Securities LLC Market maker 621 200 309 112 not listed \n 5 Citadel Securities LLC A market maker that provides liquidity in equities, options, fixed income and currencies to institutional and retail investors. 535 314 106 115 AP page \n 6 Old Mission Capital LLC Market maker 277 56 160 61 not listed \n 7 RBC Capital Markets, LLC The US broker-dealer of RBC Capital Markets, the investment bank of Royal Bank of Canada. 244 127 61 56 AP page \n 8 IMC-Chicago, LLC Market maker 167 50 34 83 not listed \n 9 Wolverine Trading, LLC Market maker 162 29 131 2 not listed \n 10 Latour Trading LLC Market maker 157 94 34 29 not listed \n 11 Flow Traders U.S. LLC Market maker 149 79 41 29 not listed \n 12 Pundion Market maker 16 16 0 0 not listed \n 13 Goldman Sachs & Co. LLC The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. 12 9 0 3 AP page \n 14 HRT Market maker 6 6 0 0 not listed \n 15 SG Americas Securities, LLC The US broker-dealer of Societe Generale, covering underwriting, sales and trading, advisory, prime brokerage and clearing. 4 2 1 1 AP page \n 16 DV Equities Market maker 4 1 0 3 not listed \n \n Each exchange\u2019s list\n Each list covers only that exchange\u2019s own program, so a fund on no list may still have an LMM.\n Each exchange\u2019s list, as of Oct 23, 2026. Source: ETFIQ from Form N-CEN. # Exchange Its name for the role Covered ETFs on it Not covered by ETFIQ As of Credit \n 1 NYSE Arca Lead Market Maker (LMM) 2,289 440 Oct 23, 2026 Lead market maker per NYSE Arca, as of Oct 23, 2026 \n 2 Cboe BZX Lead Market Maker (LMM) 1,367 309 Oct 23, 2026 Lead market maker per Cboe BZX, as of Oct 23, 2026 \n 3 Nasdaq Designated Liquidity Provider (DLP), Nasdaq\u2019s name for the role 1,062 224 Oct 23, 2026 Lead market maker per Nasdaq, as of Oct 23, 2026 \n \n Questions people ask\n What is a lead market maker (LMM)? A lead market maker (LMM) is the market maker a listing exchange assigns to an ETF to keep a bid and an ask on the exchange through the day, under the exchange\u2019s quoting rules. Nasdaq calls the role a Designated Liquidity Provider. Who is the largest ETF lead market maker? By the ETFs each leads, per NYSE Arca, Cboe BZX and Nasdaq: Jane Street Capital, LLC, 993; Virtu Americas LLC, 734; Susquehanna Securities, LLC, 637; GTS Securities LLC, 621; Citadel Securities LLC, 535. What is the difference between an AP and an LMM? An authorized participant (AP) creates and redeems shares with the fund. A lead market maker (LMM) quotes the ETF on its listing exchange. One firm can be both for the same fund. Does every ETF have an LMM on these lists? No. 4,718 of 4,805 covered ETFs are on a list. Each exchange publishes only its own program. Method\n Each row is one ETF on one listing exchange\u2019s own list of the market makers it assigns: NYSE Arca\u2019s list of its listed ETPs and their lead market makers, Cboe BZX\u2019s LMM Securities list and Nasdaq\u2019s ETF definitions, where the role is called Designated Liquidity Provider (a Market Quality Supporter is not counted). ETFIQ reads each list once a week as ETFIQ, credits it to its exchange beside every figure, and keeps only the ETFs it covers. A firm is joined to its authorized participant page only where its name is, letter for letter, a broker-dealer\u2019s registered name on the SEC\u2019s list and that registration is the AP firm\u2019s. An exchange that refuses the read shows as not published, with the day.\n Where to next\n Every ETF lead market maker (LMM) Every ETF authorized participant (AP) What an AP and an LMM are The open data file Where these figures came from\n NYSE Arca: its list of lead market makers Cboe BZX: its list of lead market makers Nasdaq: its list of lead market makers ETFIQ links to the documents behind every figure; a link is not an endorsement.\n A list of firms is not a rating or a recommendation. ETFIQ is an independent publisher, not an adviser. Standards and sources \n Cite this page. ETFIQ, ETF lead market makers (LMMs), data as of Oct 23, 2026. https://etfiq.com/trading/lead-market-makers/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, ETF lead market makers (LMMs), data as of Oct 23, 2026. https://etfiq.com/trading/lead-market-makers/ APA ETFIQ. (Oct 23, 2026). ETF lead market makers (LMMs). Retrieved from https://etfiq.com/trading/lead-market-makers/ Markdown [ETF lead market makers (LMMs) (ETFIQ, Oct 23, 2026)](https://etfiq.com/trading/lead-market-makers/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, ETF lead market makers (LMMs), data as of Oct 23, 2026. https://etfiq.com/trading/lead-market-makers/"}