Widening Gap in Electronic Market-Making: Jane Street vs Flow Traders

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Jane Street,Flow Traders,Electronic Market-Making

The latest financial results show a significant gap between Jane Street and Flow Traders in the world of electronic market-making. While Flow Traders reported a decline in net trading revenue, Jane Street generated over $10bn of net trading revenues last year.

Rupak Ghose is formerly a financials research analyst at Credit Suisse and head of corporate strategy at ICAP/NEX. The latest spate of financial results illustrate a widening gap in the world of electronic market-making. Two firms that were once direct peers — Jane Street and Flow Traders — are now as far apart as Amazon and Poundland.

Both were founded roughly two decades ago — Jane Street in New York around 1999 and Flow Traders in Amsterdam in 2004 — and for a while they were seen as each others main competitors in the burgeoning ETF industry, where they are both prominent market-makers. But slowly the gap got bigger and bigger . . . and bigger. Last week Flow Traders reported that net trading revenue declined 35 per cent year-on-year to €300mn in 2023, while loan docs obtained by Bloomberg indicate that Jane Street churned out another $10bn-plus of net trading revenues last year. That naturally caused a lot of shock, some disbelief and plenty of seething env

 

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