(Bloomberg) — JPMorgan Chase & Co. has picked Virtu Financial to oversee trading of its stock at the New York Stock Exchange, replacing KCG Holdings, according to a trader notice issued on Tuesday.
The switch will take effect Wednesday, according to the notice.
Companies that list on NYSE have their trading overseen by firms known as designated market makers, with KCG and Virtu among the biggest. One of their main roles is handling the opening auctions of their stocks every morning. Amid the market turmoil of Aug. 24, many stocks went haywire in the opening minutes. JPMorgans shares were among them, sinking as much as 21 percent before rapidly recovering most of the plunge.
The Wall Street Journal reported in December that JPMorgan was unhappy with how KCG handled its stock that day.
Shares of Virtu increased 1 percent Tuesday. Andrew Smith, a spokesman for Virtu,and Sara Cohen, a spokeswoman for NYSE, declined to comment. Brian Marchiony, a spokesman for JPMorgan, couldnt be reached for comment.
