Jane Street and Citadel Securities delivered strong third-quarter results and are on track for a record year.

Jane Street and Citadel Securities’ third-quarter trading revenue growth has further eroded Wall Street banks’ dominance in this sector, putting both market makers on track to set annual records. According to media reports citing people familiar with the matter, Jane Street’s revenue rose 18%, bringing the company’s third-quarter revenue to $6.83 billion—second only to JPMorgan Chase and Goldman Sachs. Jane Street’s net profit for the third quarter was $3.73 billion, up from $3.63 billion a year earlier. Adjusted EBITDA rose to $4.55 billion from $4.32 billion over the same period last year. The company’s spending on compensation and benefits in the third quarter reached $1.94 billion, an increase of 63% from $1.19 billion a year ago. Sources also said that Citadel Securities’ relevant business revenue increased 9% to $2.64 billion. Citadel Securities’ net profit for the third quarter rose 7% to roughly $1.05 billion, with a total of about $3.7 billion in the first nine months of this year. Jane Street and Citadel Securities have benefited this year from surging trading activity and price volatility, which has often resulted from tariffs and policy changes by US President Trump. Trump’s repeated statements have forced investors to rebalance their portfolios, which is a boon for banks and other market makers that help clients buy and sell assets. Third-quarter revenue for Jane Street and Citadel Securities’ competitor, Hudson River Trading, soared 81% year-on-year to $3.7 billion, according to sources previously disclosed. This company is also on track to set an annual record. Founded in 2000, New York-based Jane Street started out trading American Depository Receipts before expanding into ETFs. As various assets—including corporate bonds—have become increasingly electronic, the company has also expanded its business. New entrants like Jane Street are attempting to combine new technology with precision risk-taking, and they face fewer regulatory restrictions in managing their own capital compared to banks. In addition to its traditional market-making business, Jane Street also has a hedge fund-like trading division that contributes to its earnings. Citadel Securities, meanwhile, has a brother hedge fund company separate from its market-making operations, and the latter’s earnings are not included in the market-making division’s revenue. Risk Warning and Disclaimer The market has risks; investing should be undertaken cautiously. This article does not constitute personal investment advice and does not consider the individual investment objectives, financial situation, or needs of specific users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investing based on this information is at the user’s own risk.