02Trading
We began in US equity index futures, the most competitive market in the world, because an edge that holds there holds anywhere. The firm now trades rates and energy futures on CME and exchange-listed event contracts, with the same people and the same book.
Everything we trade, we trade on our own capital, systematically, with a desk watching. We don't take direction from anyone, and we don't take positions we don't understand better than the people on the other side.
ES, NQ, and the micro contracts. Our first market and still our deepest.
Treasury futures across the curve, traded around the macro calendar.
Crude and natural gas, where the order book tells a different story than the tape.
Economic, weather, and political outcomes on regulated exchanges. No sports.
How we trade
Every position is opened by a system that earned its place in the book, sized by a rule that was written before the trade existed, and watched by a person who can end it.
Each system trades one idea about how prices form, in one market, under its own risk rules. It stays in the book while it keeps earning its place, and leaves when it stops.
A trading desk watches every live system through the session, reads the tape alongside it, and can halt any of them in one keystroke. Nothing trades unwatched.
Sized by rule, stopped in code, reviewed daily. The rules apply to everyone, including the person who founded the firm.
The details
The full futures session, from the Asia open to the US close, with the book heaviest in US hours. Event contracts around their resolution calendars.
Co-located at CME's Aurora data center. Fast enough that speed is never the reason we lost, and never the reason we won.
Proprietary only. Every position is sized by rule, and the rules are ours.