In the second quarter of this year, Hudson River Trading (HRT) made more revenue and substantially more profits than the mighty Citadel Securities (according to Bloomberg News). I used to run into HRT a decade ago as a client and a big player on anonymous central limit order books (CLOB), taking on the other secretive giants of the high-frequency trading (HFT) world like Jump Trading. But the HRT of today is very different.
Is HRT the most successful firm on Wall Street that most people don’t know?
That title would have belonged to Jane Street five years ago – before Sam Bankman-Fried, before the tens of billions of dollars of revenues, and before the Indian options scandal. Citadel Securities has always been high profile, given Ken Griffin’s reputation and its domination of US retail trading flows.
Those interested in Jane Street and Citadel Securities should check out my previous pieces on them here on Substack and elsewhere. In the latest one for IFR last week, I highlighted how thei…
