Flow Traders

What Flow Traders does

Flow Traders is a publicly traded, technology-enabled liquidity provider and market maker headquartered in Amsterdam, listed on Euronext Amsterdam under the ticker FLTLF. Founded in 2004, the firm specializes in Exchange Traded Products (ETPs) market making across global exchanges in Europe, the United States, and Asia-Pacific, generating revenue by capturing bid-ask spreads as a principal trader on its own account. In FY2025 the company reported Net Trading Income of €485.8 million, ETP Value Traded of €1,940 billion (26% YoY growth), Net Profit of €133.6 million, and a maintained 41% EBITDA margin, supported by a trading capital base of €1,044 million and 635 full-time employees.

The company's core technology platform is proprietary, with approximately 40% of its workforce dedicated to technology roles, enabling scalable ETP market making across multiple venues and time zones via trading hubs in Amsterdam, New York, Hong Kong, Singapore, London, Paris, and Milan. The product portfolio spans ETP market making, digital asset trading, and a 24/7 OTC trading platform launched in March 2026 for tokenized real-world assets including tokenized money market funds, equities, and commodities (with Franklin Templeton's BENJI and Tether Gold among initial offerings). The firm also operates a Strategic Capital investment unit with portfolio holdings across digital asset infrastructure, including AllUnity (a DWS, Galaxy Digital, and Flow Traders joint venture producing MiCAR-compliant EURAU, CHFAU, and SEKAU stablecoins).

Flow Traders serves institutional counterparties exclusively, including banks, brokers, securities firms, exchanges, and digital asset infrastructure providers, with no retail client business. Distribution is via direct counterparty relationships through proprietary platforms connected to global exchanges, augmented by investor relations activities such as annual Capital Markets Days. The Horizon 2030 strategy announced in June 2026 targets Net Trading Income exceeding €1 billion, return on trading capital above 50%, and EBITDA margin above 45%, positioning tokenization and digital asset trading as central to the next phase of growth.

Name

Flow Traders

Legal name

Flow Traders B.V.

Website

https://flowtraders.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Flow Traders is a publicly traded, technology-enabled liquidity provider specializing in Exchange Traded Products market making across global exchanges, with expanding operations in digital assets and tokenized real-world assets serving approved institutional counterparties.

Ownership category

akta.pro rank

Product category

Financial Market Making and Liquidity Provision

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

OTC Derivatives Market Making (Swaps & Options) (FSACANAE)

akta.pro secondary industries

Market Making & Liquidity Provision (FSADAJAC), Cross-Venue Arbitrage & Latency Infrastructure (FSADAJAK), Derivatives & Futures Brokerage (FSAEACAL)

Keywords

• ETP market making
• Liquidity provision services
• Digital asset trading
• Principal trading firm
• Exchange traded products

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Market Making - ETP Trading: Flow Traders generates revenue primarily through market making in Exchange Traded Products (ETPs). As a principal trader, the firm provides continuous liquidity to financial markets by maintaining two-sided markets in ETPs, capturing the bid-ask spread. Revenue is generated from the difference between buy and sell prices across exchanges in Europe, U.S., and Asia-Pacific.
2. Digital Asset Trading: Revenue generated from providing liquidity in digital assets including tokenized assets, cryptocurrencies, and related products. The firm expanded into 24/7 OTC trading for tokenized assets in 2026, targeting institutional demand outside traditional market hours.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Flow Traders is a global, technology-driven principal trading firm that provides continuous two-sided liquidity (market making) in Exchange Traded Products (ETPs) across major exchanges in Europe, the U.S., and Asia-Pacific, earning revenue from bid-ask spreads. It is expanding its offering into digital asset trading, including a 24/7 OTC trading desk for tokenized money market funds, equities, and commodities serving institutional counterparties.

Product overview

Flow Traders is a global trading firm and technology-enabled liquidity provider, historically specialized in Exchange Traded Products (ETPs) and now expanding into digital assets. The company operates a principal trading model, providing liquidity across global exchanges and trading platforms 24 hours a day from trading hubs in Europe, U.S., and Asia-Pacific. Its core offerings include ETP market making and digital asset trading (including a 24/7 OTC desk for tokenized money-market funds, equities, and commodities). The company also maintains a Strategic Capital investment unit focused on emerging technologies and scalable infrastructure in the digital asset ecosystem. Technology is a key differentiator, with over 40% of the workforce in the Technology department. The company's Horizon 2030 strategy targets becoming the 24/7 liquidity provider of choice across traditional and digital asset markets.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• ETP Value Traded reached €1,940 billion in FY2025, representing 26% year-on-year growth
• +3 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Partnerships

Five partnerships are on record, tiered flagship and core.

• AllUnity (SEKAU Stablecoin)flagshipStrategic or Co-development Partner · 20 June 2026AllUnity launched SEKAU, a Swedish krona-backed stablecoin under MiCA framework, as the world's first fully reserved and MiCAR-compliant SEK stablecoin. Backed by DWS, Flow Traders, and Galaxy Digital. The stablecoin is designed for institutional settlement and digital payments.
• Crossover MarketscoreTechnology or Integration · 13 May 2026Flow Traders joined Crossover Markets as a liquidity provider on the CROSSx Disclosed institutional cryptocurrency trading platform, which connects users to over 30 OTC liquidity providers with single-digit microsecond matching.
• Frank Drouet (CEO Asia-Pacific)coreOthers · 20 April 2026Appointed Frank Drouet as CEO Asia-Pacific to support regional expansion. Drouet brings over 30 years of financial markets experience including 20 years based in Hong Kong and Tokyo, previously Deputy Head of Global Markets at Crédit Agricole.
• CoppercoreTechnology or Integration · 4 July 2024Flow Traders partnered with digital asset custody firm Copper to integrate trading infrastructure and improve connectivity for institutional clients. The partnership aims to enhance security and reduce counterparty risk in digital asset trading through Copper's infrastructure.
• AllUnityflagshipStrategic or Co-development Partner · 13 December 2023AllUnity is a joint venture between Deutsche Bank's asset management arm DWS, Galaxy Digital, and Flow Traders, established to launch regulated EUR-denominated stablecoins. Flow Traders provides liquidity as market maker for EURAU and other AllUnity stablecoin products. AllUnity received E-Money Institution license from BaFin in July 2025 and launched EURAU as the first MiCAR-compliant euro stablecoin in July 2025.

Scale indicators9 records

Recent moves9 records

Expansion highlights7 records

Emerging players

• Wintermute: Wintermute is one of the largest crypto-native liquidity providers and market makers, competing with Flow Traders' digital-asset trading and 24/7 OTC tokenized-asset desk for institutional crypto flow.
• B2C2: B2C2 is a leading institutional cryptocurrency liquidity provider and OTC market maker, directly comparable to Flow Traders' digital-asset trading operations and a fellow liquidity provider alongside Flow Traders on the CROSSx platform.

Direct peers

• Jane Street: Jane Street is one of the largest global ETF/ETP market makers and a direct competitor to Flow Traders across Europe, U.S., and Asia, with growing digital-asset trading activities through its institutional crypto liquidity offering.
• IMC Financial Markets: IMC is a global market maker in ETFs, equities, options, and fixed income with major trading hubs in Amsterdam, the U.S., and Asia, making it one of the closest direct competitors to Flow Traders' core ETP market-making franchise.
• Citadel Securities: Citadel Securities is a global market maker in ETFs, equities, options, and digital assets, and a major direct competitor to Flow Traders in ETP liquidity provision as well as institutional crypto trading.
• Virtu Financial: Virtu Financial is a leading global principal trading firm and liquidity provider across equities, ETFs, and digital assets, with a public market-maker business model almost identical to Flow Traders, including cross-asset ETP market making and crypto liquidity provision.
• Jump Trading: Jump Trading is a quantitative trading and market-making firm active in global equities, futures, and digital assets through Jump Crypto, directly competing with Flow Traders in ETP and institutional crypto liquidity provision.
• Optiver: Optiver is a global principal trading firm and market maker in ETFs, equities, derivatives, and fixed income, competing head-to-head with Flow Traders in ETP market making across European and global exchanges.
• Susquehanna International Group (SIG): SIG is a global principal trading firm providing liquidity in ETFs, equities, options, and digital assets, comparable to Flow Traders in its ETP market-making focus and growing institutional crypto offering.

Broad incumbents

• DRW Trading: DRW is a diversified principal trading firm with market-making activities across multiple asset classes including equities, fixed income, and digital assets through Cumberland, overlapping with Flow Traders' principal trading and crypto liquidity provision.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FlowTraders
• YouTubeyoutube.com/channel/UCNTZXoCdlvtrKQd8Ci8Kz8Q
• LinkedInlinkedin.com/company/flow-traders
• Instagraminstagram.com/flowtraders_

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors3 records

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

M&A

Investments59 records

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

Frequently asked questions about Flow Traders