A quirky and opaque New York firm has rapidly expanded to become the most profitable trader of all
When Wall Street scrambled to launch bitcoin funds earlier this year, there was just one trading company named in regulatory filings as an anchor market-maker for every single one: Jane Street. The move underscored how a quirky and opaque New York firm has used its dominance in exchange traded funds and embrace of more finicky financial securities as a springboard to become the most profitable of all the trading firms that are now a significant force in markets.
But Jane Street has no CEO, and in loan documents shared with investors, the company calls itself “a functionally-organised structure consisting of various management and risk committees”. Every trading desk and business unit is run by one of 40 equity holders, who together own $24bn worth of Jane Street’s equity.
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