Hudson River Trading

What Hudson River Trading does

Hudson River Trading (HRT) is a privately held, multi-asset class quantitative trading firm founded in 2002 and headquartered at 3 World Trade Center in New York City. The firm provides liquidity across more than 200 global electronic markets and 8,000+ NMS securities, generating revenue primarily through bid-ask spreads and transaction fees from market-making activity. HRT serves four primary client segments — exchanges and electronic markets, institutional counterparties, US retail broker-dealers, and European institutional clients — through a unified liquidity platform comprising the Single Dealer Platform (US equities and ETFs at NY4), two European Systematic Internalisers at LD4 covering 1,300+ securities across 15 jurisdictions, US wholesaling at NY5, and disclosed US Treasury streaming via Brokertec, Dealerweb, Fenics, MarketAxess, and Nasdaq Fixed Income. The firm is privately held under Hudson River Trading LLC, wholly owns operating subsidiary HRT Financial LP, and employs over 1,000 people across 14 offices in 6 countries.

The firm operates a proprietary, low-latency trading stack built primarily in C++ and Python, featuring custom FPGA and ASIC hardware, a cocotb/Verilator co-simulation verification environment, the Cashy distributed caching filesystem, and a Prometheus deployment ingesting approximately 150 million unique time series. HRT AI Labs (HAIL) is the dedicated applied-AI research function, publishing work on transformer and variational-autoencoder order-book modeling, genetic-algorithm signal architecture search, GPT-3 chain-of-thought prompting for news sentiment, graybox Bayesian hyperparameter optimization, and custom CUDA kernels (TSM2X) for GPU-accelerated training. Compute is being scaled through a partnership with Lambda deploying NVIDIA HGX B200 systems and a new AI research data center at Lefdal Mine Data Centers in Norway powered by Dell AI Factory infrastructure.

HRT's revenue is overwhelmingly transactional — bid-ask spread capture and execution-quality fees across global markets — with no publicly disclosed pricing; counterparty arrangements are negotiated bilaterally through direct B2B relationships. The firm reported record net trading revenue of $12.3 billion for full-year 2025 (boosted by elevated market volatility) and a record $6.4 billion in Q1 2026, implying an annualized run-rate materially above the prior year. Strategic capital deployment includes investments in AI infrastructure plays (Eridu for high-radix AI networking, Gray Swan for AI security tooling) and a $1 billion leveraged loan facility completed in 2026 to fund further expansion without diluting partner ownership.

Name

Hudson River Trading

Legal name

Hudson River Trading LLC

Website

https://hudsonrivertrading.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hudson River Trading is a privately held quantitative trading firm providing multi-asset class liquidity across 200+ global markets. It serves exchanges, broker-dealers, and institutional clients through its Single Dealer Platform, Systematic Internalisers, and wholesaling services.

Ownership category

akta.pro rank

Product category

Algorithmic Market Making

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

Keywords

• Quantitative trading
• Algorithmic market making
• Liquidity provision
• Electronic trading
• Multi-asset trading

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Market Making and Trading Revenue: HRT generates revenue primarily through market making activities, providing liquidity across global markets. They earn through bid-ask spreads and execution quality services. The firm achieved record net trading revenue of $12.3 billion in 2025 and $6.4 billion in Q1 2026. They also participate in crypto markets as a primary driver of Bitcoin and Ethereum price formation during US trading hours.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Hudson River Trading is a multi-asset class quantitative trading firm that develops automated trading algorithms to provide liquidity on global financial markets and directly to institutional clients. It operates across equities, ETFs, US Treasuries, and crypto, running the Single Dealer Platform (US), Systematic Internalisers (Europe), wholesaling services (US retail), and disclosed Treasury liquidity via interdealer platforms.

Product overview

Hudson River Trading is a multi-asset class quantitative trading firm offering a unified liquidity platform comprising the Single Dealer Platform for US equities and ETFs, Systematic Internalisers for European markets (1300+ securities across 15 jurisdictions), Wholesaling services for retail broker-dealers, and US Treasuries market making via major interdealer platforms. The company operates over 200 markets worldwide and trades more than 8,000 NMS securities. HRT has also launched an AI research data center utilizing advanced NVIDIA GPU infrastructure for proprietary model training.

Differentiator

Problem solved

Functional benefit

Products and services

• Single Dealer Platform (SDP)
• Systematic Internalisers (SI)
• Wholesaling
• US Treasuries Liquidity
• Client Market Making

Quantifiable outcome

• Record $12.3 billion net trading revenue in 2025
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability13 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• LambdacoreTechnology or Integration · 20 May 2026Lambda partnered with HRT to provide NVIDIA accelerated computing infrastructure including HGX B200 systems for HRT's quantitative trading research and development. Lambda delivers full-stack architecture enabling HRT's researchers to train models and simulate trading strategies at scale, addressing HRT's growing demand for compute capacity.
• NVIDIAcoreTechnology or Integration · 20 May 2026Lambda partnership includes NVIDIA HGX B200 systems for HRT's trading infrastructure. HRT has access to advanced GPU computing for training models and strategy simulation at scale.
• European Principal Traders AssociationminorOthersHRT is a member of the European Principal Traders Association (EPTA), whose members include Citadel Securities, Hudson River Trading and Jane Street. EPTA has welcomed FCA proposals to loosen capital requirements for trading firms.
• Dell TechnologiescoreTechnology or IntegrationHRT launched a new AI research data center at Lefdal Mine Data Centers powered by Dell AI Factory infrastructure. Dell provides AI-optimized servers and infrastructure supporting HRT's AI and trading research capabilities.
• Lefdal Mine Data CenterscoreTechnology or IntegrationHRT established a new AI research data center at Lefdal Mine Data Centers, utilizing the facility's infrastructure for AI research and trading development.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Citadel Securities: One of the largest global market makers across equities, options, and ETFs. Direct competitor to HRT in US equities market making, Single Dealer Platforms, and global liquidity provision, with similar disclosed liquidity offerings and institutional counterparty relationships.
• Jane Street: Global quantitative trading firm and market maker across equities, ETFs, options, and crypto. Direct competitor to HRT in US equity wholesaling, ETF market making, and institutional liquidity provision, with comparable scale and multi-asset class coverage.
• Two Sigma: Quantitative trading and technology firm applying AI/ML to trading across multiple asset classes. Comparable to HRT in scale, technology-driven approach, talent base of scientists and engineers, and emphasis on proprietary research infrastructure.
• Jump Trading: High-frequency quantitative trading firm active across global equities, futures, options, and crypto markets. Comparable to HRT in low-latency infrastructure, multi-asset market making, and global exchange participation.
• DRW Trading: Principal trading firm making markets in equities, fixed income, commodities, and crypto. Comparable to HRT in market making across asset classes and global institutional counterparty relationships.
• Optiver: Global market maker in derivatives, equities, and fixed income headquartered in Amsterdam. Comparable to HRT as a major liquidity provider with disclosed client market making, strong European Systematic Internaliser presence, and similar talent-driven culture.
• Susquehanna International Group (SIG): Quantitative trading firm providing liquidity across equities, options, ETFs, and other asset classes. Comparable to HRT in market making scale, options market making, and institutional counterparty services.
• IMC Financial Markets: Global market maker in options, equities, and fixed income. Comparable to HRT in European and US market making, Systematic Internaliser operations, and disclosed client liquidity offerings.
• Tower Research Capital: Quantitative trading firm specializing in high-frequency trading across global markets. Comparable to HRT in low-latency trading infrastructure, proprietary technology stack, and multi-market liquidity provision.
• D. E. Shaw & Co. Quantitative investment and trading firm with systematic strategies across multiple asset classes. Comparable to HRT in scale, technology-driven approach, and emphasis on computational research and proprietary infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wehrtyou
• YouTubeyoutube.com/@Hudson-River-Trading
• Facebookfacebook.com/164031096956812
• LinkedInlinkedin.com/company/hudson-river-trading
• Instagraminstagram.com/hudsonrivertrading

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments22 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hudson River Trading