It was 3am in the morning on Friday/Saturday night UK time when I quickly wrote the title for my last piece in response to the FT’s fantastic scoop on Jane Street’s huge loss in July (and even larger profit in Q2).
Jane Street is a hedge fund, stop calling it a market maker
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Aug 15
Earlier this year I wrote about my journey on what Jane Street is and how I started by calling it the dominant ETF market maker, then a competition crushing nonbank market maker across all asset classes, to its hedge fund and then part tech VC. It was a multi-headed beast but I argued….
I had used the term a few months earlier as well in April when I wrote…https://rupakghose.substack.com/p/is-jane-street-the-best-hedge-fund
I had assumed readers would all understand that this was a directional shorthand way to highlight their gradual shift towards:
more directional exposure,
holding positions for longer,
and running a huge balance sheet like the largest hedge funds.
But I wanted to come back to this topic as I have read quite a lot of commentary on social media on this. Some of these people may have read the whole piece (even the paywall section) but I fear many just looked at the headlines.
Bloomberg wrote last night a piece on the topic and based on their channel checks seem to agree with me.
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