They open shares every day on various stock exchanges, and GTS is one of the largest on the New York Stock Exchange. Roblox's direct listing is expected sometime around the middle of next month, pending a Securities and Exchange Commission review of its prospectus.ĭesignated market makers are responsible for collating buy and sell orders and coming to an opening price on the morning of the first trade. It also ends a perfect streak for Citadel Securities, which was the designated market maker on the four major direct listings before Roblox. The task will mark the first time GTS has been chosen to help a high-flying technology firm make its public markets debut through a direct listing.

Roblox has tapped Global Trading Systems to serve as the designated market maker for its upcoming direct listing, people familiar with the matter told Insider.

Visit Business Insider's homepage for more stories.Roblox's U-turn from a traditional IPO has upset the pecking order of the four prior direct listings, when Citadel Securities and Morgan Stanley acted as the DMM and named financial advisor to the DMM, respectively.The task will mark the first time GTS has been chosen to help a high-flying technology firm make its public markets debut through a direct listing.Roblox has tapped GTS to be the designated market maker when it goes public via direct listing, people familiar with the matter told Insider.

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