FT Alphaville’s main takeaways from the secretive trading firm’s bond prospectus
As Jane Street’s lawsuit against Millennium and two former employees shows, Wall Street’s most profitable trading machine isn’t keen on letting its secrets slip out. However, it has begun in recent years to supplement its capital with some debt, and lenders expect at least some disclosure. Thanks to MainFT’s Eric Platt, Alphaville has now got its mitts on the prospectus for its latest bond sale. It’s fascinating stuff and sheds some light on one of Wall Street’s hottest players.
Jane Street is a very quant-y firm, where speed and technology are important, but it’s more human-driven than many of the firms it is often compared to, such as Citadel Securities. About 80 per cent of the company’s capital comes from employee equity, which has swelled to $21.3bn at the end of 2023 thanks to retained profits over the past four years. In recent years, this has been supplemented with some longer-term loans .
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