JonesTrading
JonesTrading is a privately held institutional broker-dealer offering agency execution, prime brokerage, outsourced trading, investment banking, and electronic trading (JET) to 1,500+ buy-side institutions and corporate issuers across the US, Canada, and UK.
- Company typePrivate
- Founded1975
- HeadquartersThousand Oaks, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What JonesTrading does
JonesTrading Institutional Services LLC is a privately held, FINRA- and SIPC-member institutional broker-dealer founded in 1975 as the successor to Jones & Associates. The firm operates an agency execution and capital markets platform serving 1,500+ institutional clients weekly, sourcing liquidity from a network of 2,500+ institutions and hedge funds through 150+ registered representatives located across 22 offices in the US, Toronto, and London (with regulatory coverage spanning FINRA, CIRO/CIPF, and FCA).
The firm's product suite spans electronic equity execution via the proprietary JET (Jones Electronic Trading) platform — which uses deep reinforcement learning neural networks to particularize algorithmic strategies per client — block trading, outsourced trading (across US equities, options, fixed income, futures, and international equities), prime brokerage (JonesPrime), investment banking (IPO, follow-on, PIPE, SPAC, debt, and ATM programs with $10B+ cumulative notional), fixed income, derivatives, capital introduction (3,000+ allocator relationships), commission management, and sector research across biotechnology, specialty finance/REITs, and industrials. Recent additions include the JET BLOCKS electronic block trading solution (June 2026), the JT20 Index on Bloomberg (May 2026), and an enhanced Private Markets platform (January 2026).
The firm's revenue model is overwhelmingly transaction-based — ATM commissions (~3% of gross proceeds), per-share or basis-point execution commissions on block and outsourced trades, underwriting/syndicate fees, prime brokerage spreads and margin interest, and fixed income and derivatives trading commissions — supplemented by managed-service fees from commission management and capital introduction. Go-to-market is direct institutional sales: sector-focused bankers and 150+ registered representatives cover buy-side institutions, corporate issuers, hedge fund managers (from startup to established), and asset managers seeking outsourced trading. The firm ranked #1 on Bloomberg's Block Trading Report with 1.93B shares crossed in 2025 and was named 2025 Prime Broker of the Year by Global Custodian.
JonesTrading firmographics
Firmographics- Name
- JonesTrading
- Legal name
- JonesTrading Institutional Services LLC
- Website
- https://jonestrading.com
- Company type
- Private
- Founded year
- 1975
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- JonesTrading is a privately held institutional broker-dealer offering agency execution, prime brokerage, outsourced trading, investment banking, and electronic trading (JET) to 1,500+ buy-side institutions and corporate issuers across the US, Canada, and UK.
- Ownership category
- akta.pro rank
JonesTrading industry classification
Industry- Product category
- Institutional Brokerage Services
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)
- akta.pro secondary industry
- Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)
Keywords
Where JonesTrading is headquartered
LocationHeadquarters
- HQ city
- Thousand Oaks
- HQ country
- United States
- HQ region
- North America
Offices22 records
Markets served
JonesTrading business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- ATM / Capital on Demand Sales Agent Commissions: JonesTrading acts as sales agent in At-the-Market equity offerings for corporate issuers, earning commissions typically in the range of 3.0% on gross proceeds. The firm has led more than 50 ATM programs with a combined notional value exceeding $10 billion.
- Block Trading and Equity Execution Commissions: Agency execution commissions on block equity trades sourced through the firm's network of 150+ registered representatives and 2,500+ institutional counterparties. Commissions on outsourced trading vary by region: North America $0.005–$0.02 per share; EMEA 3–7 bps; APAC 7–12 bps.
- Prime Brokerage Services: Prime brokerage services to hedge funds and investment managers including trade execution, clearing, custody, capital introductions, and financing. Revenue generated through spreads, margin interest, and bundled service fees.
- Investment Banking and Syndicate Fees: Underwriting and placement agent fees from IPOs, follow-on offerings, PIPEs, Registered Directs, SPAC mandates, debt offerings, and preferred offerings. The firm acts as Sole Book Runner, Joint-Book Runner, or Lead Manager on transactions.
- Fixed Income Trading: Revenue from fixed income trading including preferred securities, corporate bonds, high yield/distressed debt, convertibles, and U.S. Treasuries. The firm earns commissions on block trades for institutional clients and works with 150+ counterparties.
- Derivatives Trading Commissions: Options and equity derivatives trading with JonesTrading acting as agent, sourcing liquidity from multiple market makers and earning commissions. Options commissions can pay for Commission Management Services (CSAs) by sourcing capital for clients from third-party market makers.
- Electronic Trading (JET) Fees: Electronic algorithmic trading platform fees from institutional clients using customized JET algos across US equities and US options. Revenue is generated through execution commissions on algorithmic trades.
- Commission Management Services: Web-based commission management program allowing institutional clients to administer soft dollar budgets, research payments, and commission credits across a network of global brokers, generating fees for administration and reporting services.
- Capital Introductions: Value-added service connecting hedge fund clients with a network of institutional allocators including family offices, endowments, foundations, and RIAs. The firm maintains 3,000+ allocator relationships and conducts 300+ investor calls/meetings annually, with fees tied to successful capital introductions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | ATM Sales Agent Commission |
| Transaction based/ take rate | Pay-as-you-go | Outsourced Trading — North America |
| Transaction based/ take rate | Pay-as-you-go | Outsourced Trading — EMEA |
| Transaction based/ take rate | Pay-as-you-go | Outsourced Trading — APAC |
| Other | Multi-year contract | Investment Banking Advisory |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels8 records
JonesTrading product offering
Product offeringCore offering
JonesTrading Institutional Services, LLC is an employee-owned, non-conflicted institutional broker-dealer providing agency execution across global equities, ETFs, options, futures, and fixed income markets, alongside electronic trading (JET platform), investment banking and capital markets advisory, prime brokerage (JonesPrime), outsourced trading, fixed income, and derivatives services to institutional clients. The firm operates an agency-only model without proprietary positions, serving hedge funds, asset managers, and corporate issuers across U.S., European, and Asian markets.
Product overview
JonesTrading is an institutional broker-dealer offering a comprehensive suite of trading and financial services. The core product is JET (Jones Electronic Trading), an algorithmic platform using deep reinforcement learning that particularizes algos for each client. Supporting services include: Investment Banking (ATM offerings, IPOs, PIPEs, advisory), Prime Brokerage (JonesPrime), Outsourced Trading, Fixed Income (JFI), Derivatives Trading, International Equities, Commission Management, Capital Introduction, and Sector Research (Biotechnology, Financial Services, Industrials). Recent product launches include JET BLOCKS (electronic block trading solution), JT20™ Index (benchmark index for 20 largest U.S. companies), and an enhanced Private Markets Platform. The company also hosts the Jones Healthcare & Technology Innovation Conference annually.
Differentiator
Problem solved
Functional benefit
Products and services
- JET (Jones Electronic Trading) Proprietary electronic trading and algorithmic execution platform using deep reinforcement learning and advanced AI to provide agency execution across global equities, ETFs, and options markets for institutional buy-side clients.
- JET BLOCKS All-or-nothing block liquidity tool that leverages JET dark order types to minimize market impact when executing large institutional block orders in equities and ETFs.
- JT20 Index Proprietary tradable index tracking the U.S. closed-end funds sector, published under ticker JT20, used by institutional investors for benchmark and trading reference purposes.
- Private Markets Platform Capital markets advisory and execution platform for private market participants covering secondaries, block trades, wall-crossing, capital raising, and management team share transactions for corporates, pre-IPO, and growth-stage issuers.
- Investment Banking & Capital Markets Advisory Capital markets advisory services covering equity capital markets, M&A, capital raising, and strategic transactions for corporate issuers and management teams across growth, late-stage, and pre-IPO companies.
- Outsourced Trading Discretionary and non-discretionary third-party trading services for institutional asset owners (pensions, endowments, foundations, family offices) that lack in-house trading desks, executed across global equities, ETFs, options, futures, and fixed income.
- JonesPrime (Prime Brokerage) Institutional prime brokerage services providing margin financing, securities lending, capital introduction, commission management, operational support, and reporting infrastructure for hedge fund and asset manager clients.
- Fixed Income Trading Agency execution and intermediation services across fixed income markets for institutional buy-side clients, complementing the firm's multi-asset execution offering.
- Derivatives Trading (Options & Futures) Agency execution of listed equity options, ETF options, and futures on global derivatives venues for institutional buy-side clients seeking multi-asset execution.
- Capital Introduction Investor introductions and seeding support services connecting emerging and established hedge fund managers with institutional allocators as part of the JonesPrime offering.
- Commission Management Commission management and trade cost analysis service providing institutional clients with reporting, billing, and execution-cost transparency tools.
- International Equities Execution Global equities execution service routing institutional orders across US, European, and Asian equity markets through direct exchange connectivity and international trading desks.
Quantifiable outcome
- JonesTrading ranked #1 in Bloomberg's Block Trading Report for the twelve months of 2025 with 1,931,156,322 shares crossed, ahead of Jefferies (918,956,656) and Cantor Fitzgerald (854,976,082).
- +3 more outcomes
Companies that use JonesTrading
Customer profileNamed customers16 records
Segments5 records
Ideal customer profiles3 records
JonesTrading technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature3 records
JonesTrading partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core.
- Commercial Vehicle Group, Inc.coreJonesTrading Institutional Services LLC acts as sales agent for Commercial Vehicle Group's $25 million at-the-market equity sales agreement under a Capital on Demand Sales Agreement. JonesTrading receives up to 3.0% commission on gross sales.
- NeuroOne Medical Technologies CorporationcoreJonesTrading Institutional Services LLC serves as sales agent under its Capital on Demand Sales Agreement with NeuroOne Medical Technologies for its up to $13.4 million at-the-market offering.
- American Ventures Acquisition I Corp.coreJonesTrading and D. Boral Capital served as joint bookrunners for American Ventures Acquisition I's $100 million SPAC IPO on Nasdaq (symbol: AVAC), targeting tech, healthcare, and logistics sectors.
- New Horizon Aircraft Ltd. (NASDAQ: HOVR)coreJonesTrading serves as agent under New Horizon Aircraft's equity distribution agreement, with the company increasing its share offering limit to $50 million under the agreement with JonesTrading.
- Institutional block liquidity counterpartiescoreJonesTrading launched JET BLOCKS, combining electronic execution with access to agency block liquidity from its network of institutional counterparties trading less liquid securities or large order sizes. The product leverages JonesTrading's extensive network in micro-, small-, and mid-cap equities.
- IN8bio, Inc.coreJonesTrading Institutional Services LLC entered into a Capital on Demand Sales Agreement with IN8bio as the sole sales agent, replacing a prior agreement with Cantor Fitzgerald & Co. JonesTrading earns a 3% commission on gross proceeds on the at-the-market offering program.
- Kratos Defense & Security SolutionscoreJonesTrading served as Bookrunning Manager for Kratos Defense & Security Solutions' $1,200,000,000 follow-on equity offering.
- Service Properties TrustcoreJonesTrading served as Bookrunning Manager for Service Properties Trust's $500,000,000 underwritten public offering of common shares. The firm also participated as co-manager for Yorkville Securities' lead bookrunning role.
- Unusual MachinescoreJonesTrading Institutional Services acted as Co-Placement Agent alongside Dominari Securities for Unusual Machines' approximately $150,000,000 public offering of common stock, with proceeds supporting U.S.-based drone component inventory and supply chain.
- Elicio Therapeutics, Inc.coreJonesTrading Institutional Services LLC serves as one of three sales agents in Elicio Therapeutics' $100,000,000 at-the-market offering program, alongside B. Riley Securities and Ladenburg Thalmann & Co. Inc. The ATM program replaces a prior $40 million JonesTrading-only facility, expanding Elicio's capital-raising flexibility.
- Institutional Investors (hedge funds, mutual funds, pension funds, family offices)coreJonesTrading's Private Markets platform extends the firm's agency trading principles into private market transactions, leveraging its institutional distribution network to serve as a liquidity provider in the fragmented private markets landscape.
- Boldwater PartnerscoreJonesTrading formed a strategic relationship with Boldwater Partners to execute on the Capital Introduction initiative, expanding the firm's network of institutional allocators for its hedge fund clients.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
JonesTrading competitors and assessment
Company assessmentDirect peers
- Cantor Fitzgerald: Private global financial services firm and direct competitor in block trading (ranked #3 in Bloomberg 2025), with overlapping businesses in equity execution, investment banking, SPACs, and prime brokerage. Previously held ATM relationships with JonesTrading clients like IN8bio.
- BTIG: Privately-held institutional broker-dealer offering execution, prime brokerage, capital introduction, and investment banking. Closely comparable to JonesTrading in boutique service model, sector research focus, and high-touch institutional coverage.
- Needham & Company: Private investment bank focused on growth companies, with comparable business mix in equity research, institutional sales and trading, and investment banking. Significant overlap in healthcare/biotech and technology sector coverage.
- B. Riley Financial: Mid-market full-service investment bank and broker-dealer with comparable product mix in ATM programs, small/mid-cap investment banking, research, and capital markets. B. Riley's prior relationship with Ryan LoForte (now JonesTrading's Head of ATM Trading) underscores direct talent and product overlap.
- Jefferies Financial Group: Mid-market focused full-service investment bank and broker-dealer that, like JonesTrading, is a top block trading participant (ranked #2 in Bloomberg 2025). Direct overlap in equity trading, prime brokerage, investment banking, and research coverage across multiple sectors.
Broad incumbents
- Cowen (TD Cowen): Acquired by TD Securities in 2023, Cowen was a direct mid-market peer with comparable prime brokerage, outsourced trading, and equity research businesses. Several JonesTrading senior leaders (Troy Draizen, Mark McGoldrick) previously held Managing Director roles at Cowen.
- Stifel Financial: Larger full-service mid-market broker-dealer with substantially broader product suite, though operating in the same institutional brokerage, investment banking, and equity research space. David Lutz (JonesTrading's Head of ETF Trading) previously built Stifel's ETF business.
- Piper Sandler: Larger mid-market investment bank and institutional broker with direct overlap in equity research, sales and trading, and investment banking across healthcare, financial services, and consumer sectors.
- William Blair: Private global investment firm with institutional brokerage and investment banking businesses comparable to JonesTrading's, particularly in healthcare/biotech, financial services, and growth company capital markets. Michael Truettner (JonesTrading MD) previously held investment banking roles at William Blair.
Regional players
- Ladenburg Thalmann (now part of Regal Securities): Prior to its acquisition by Regal Securities, Ladenburg Thalmann was a direct competitor in ATM programs, investment banking, and equity research, particularly in real estate, specialty finance, and small/mid-cap issuers. Several JonesTrading partners and clients previously worked with Ladenburg.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
JonesTrading social profiles
Digital presenceJonesTrading compliance and trust
Trust signalCompliance5 records
JonesTrading financial estimates
Financial estimateRevenue estimate
Valuation estimate
JonesTrading leadership team
Management profileNumber of profiles
Profiles2 records
JonesTrading subsidiaries and ownership
Company hierarchySubsidiaries2 records
JonesTrading funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
JonesTrading M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about JonesTrading
What does JonesTrading do?
JonesTrading Institutional Services, LLC is an employee-owned, non-conflicted institutional broker-dealer providing agency execution across global equities, ETFs, options, futures, and fixed income markets, alongside electronic trading (JET platform), investment banking and capital markets advisory, prime brokerage (JonesPrime), outsourced trading, fixed income, and derivatives services to institutional clients. The firm operates an agency-only model without proprietary positions, serving hedge funds, asset managers, and corporate issuers across U.S., European, and Asian markets.
Is JonesTrading a public or private company?
JonesTrading is a private company. It is classified as management employee owned and is currently operating.
When was JonesTrading founded?
JonesTrading was founded in 1975. It employs 101 to 250 people.
Where is JonesTrading based?
JonesTrading is headquartered in Thousand Oaks, United States, in the North America region.
How does JonesTrading make money?
Nine revenue lines are on record. ATM / Capital on Demand Sales Agent Commissions are the primary driver. The others are block Trading and Equity Execution Commissions, prime Brokerage Services, investment Banking and Syndicate Fees, fixed Income Trading, derivatives Trading Commissions, electronic Trading (JET) Fees, commission Management Services and capital Introductions.
Who are JonesTrading's main competitors?
Direct peers on record are Cantor Fitzgerald, BTIG, Needham & Company, B. Riley Financial and Jefferies Financial Group. Broad incumbents are Cowen (TD Cowen), Stifel Financial, Piper Sandler and William Blair. Ladenburg Thalmann (now part of Regal Securities) is listed as a regional player.
Does JonesTrading have an API?
No public API is recorded for JonesTrading.
What industry is JonesTrading in?
JonesTrading's product category is Institutional Brokerage Services. Its primary akta.pro industry code is BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory), with a secondary code of FSAEALAI, Institutional Capital Introduction (LP/Family Office/Endowment Matching). Its NAICS code is 5231 and its SIC code is 6200.