Belvedere Trading, LLC
Belvedere Trading is a proprietary trading firm and options market maker, founded in 2002 in Chicago. It trades with its own capital across four global offices, employs ~300 people, and offers a Backed Trading program for external trading groups.
- Company typePrivate
- Founded2002
- HeadquartersChicago, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Belvedere Trading, LLC does
Belvedere Trading, LLC is a Chicago-based proprietary trading firm founded in March 2002 that operates as a market maker in equity index and commodity derivatives, primarily options. The firm trades with its own capital across options, indices, commodities, and equities markets, generating revenue from bid-ask spreads and the capture of short-term market inefficiencies. Belvedere has no traditional external customers; its counterparties are the exchanges and market participants on the other side of its trades. As of the most recent reporting, the firm employs approximately 300 people across offices in Chicago (headquarters at 10 S Riverside Plaza), Boulder, New York, and Singapore.
The firm's core technology is a proprietary options valuation and trading model that has been iteratively built and re-engineered since 2002, evolving from Excel workbooks and handheld computer implementations into a full enterprise software system developed in-house in C#, C++, and Python. Belvedere's electronic trading infrastructure supports low-latency market making operations, and the firm operates a proprietary risk management system described as ultramodern and central to capitalizing on market inefficiencies. The firm also runs Belvedere Trading University (BTU), an internal training program covering trading theory, software development, systems training, and operational processes, and offers a Backed Trading program that provides external experienced traders and trading groups with access to Belvedere's capital, proprietary technology, infrastructure, and execution.
Belvedere's business model is fundamentally capital-intensive: revenue is a function of capital deployed, trading volumes, and market conditions rather than external customer billing. The firm has remained privately held and employee-owned since founding, with no external venture capital or institutional funding rounds disclosed. Leadership is anchored by Founder Tom Hutchinson, President Yury Pensky, and CEO Yezdaan Baber, supported by department heads across business, intel operations, trading, and technology. In January 2026, Belvedere joined Akuna Capital, Optiver, and Virtu Financial as a co-investor and liquidity provider in Optimal Market Technologies, a new options intermediary that purchases US retail options order flow — a strategic move that opens a new distribution channel and positions the consortium to challenge Citadel Securities' dominance in retail options market making.
Belvedere Trading, LLC firmographics
Firmographics- Name
- Belvedere Trading, LLC
- Legal name
- Belvedere Trading, LLC
- Website
- https://belvederetrading.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Belvedere Trading is a proprietary trading firm and options market maker, founded in 2002 in Chicago. It trades with its own capital across four global offices, employs ~300 people, and offers a Backed Trading program for external trading groups.
- Ownership category
- akta.pro rank
Belvedere Trading, LLC industry classification
Industry- Product category
- Proprietary Trading & Market Making
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Options (Vanilla) — Venues, Market Makers & Protocols (FSADAGAC)
- akta.pro secondary industry
- Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)
Keywords
Where Belvedere Trading, LLC is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Belvedere Trading, LLC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure
Revenue model
- Proprietary Trading: Trading with the firm's own capital as market makers in options, earning from bid-ask spreads and market inefficiencies
- Investment in Optimal Market Technologies: Joint investment with Akuna Capital, Optiver, and Virtu Financial in a new options intermediary to purchase US options order flow from retail brokers, competing with Citadel Securities
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Belvedere Trading, LLC product offering
Product offeringCore offering
Belvedere Trading is a proprietary trading firm that operates as a market maker in equity index and commodity options markets, trading with the firm's own capital to provide liquidity and earn from bid-ask spreads and market inefficiencies. The firm also offers a "Backed Trading" program that provides external experienced traders and trading groups with access to its capital, proprietary technology, infrastructure, and risk management systems.
Product overview
Belvedere Trading operates as a proprietary trading firm offering a unified proprietary trading platform as its core product, augmented by Belvedere Trading University (BTU) for internal training and Backed Trading services for external trading groups. The platform supports options market making across indices, commodities, and equities, with integrated proprietary software, risk management, and trading infrastructure developed in-house using C#/C++/Python technologies.
Differentiator
Problem solved
Functional benefit
Products and services
- Proprietary Trading Platform
- Backed Trading
Quantifiable outcome
- Established in 2002 and grew to become elite proprietary trading firm in Chicago
- +1 more outcomes
Companies that use Belvedere Trading, LLC
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Belvedere Trading, LLC technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Belvedere Trading, LLC partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Optimal Market TechnologiescoreBelvedere Trading, along with Akuna Capital, Optiver, and Virtu Financial, invested in Optimal Market Technologies, a new options intermediary that purchases US options order flow from retail brokers. The consortium is positioned to challenge Citadel Securities' dominance in the lucrative retail options market segment. The four firms serve as leading liquidity providers for the new entity.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Belvedere Trading, LLC competitors and assessment
Company assessmentDirect peers
- Wolverine Trading: Chicago-based proprietary trading firm with significant options market making and execution services. Direct peer with overlapping geographic footprint and similar mid-sized market making model.
- Virtu Financial: Publicly traded global market maker and liquidity provider across equities, options, and other asset classes. Direct peer and consortium partner in Optimal Market Technologies, with similar market making business model.
- Optiver: Global proprietary trading firm and leading options market maker with significant Chicago presence. Direct peer and consortium partner with Belvedere in Optimal Market Technologies, competing in equity index and commodity derivatives market making.
- IMC Financial Markets: Global proprietary trading firm with strong options market making franchise, particularly in index options. Direct peer with similar technology-driven approach and presence in U.S. options markets.
- Susquehanna International Group (SIG): Global quantitative trading firm with substantial options market making operations. Direct peer in proprietary options trading with similar talent-driven culture and proprietary technology model.
- Hudson River Trading (HRT): Quantitative proprietary trading firm with substantial options market making and algorithmic trading operations. Direct peer using proprietary technology and quantitative models for market making.
- Akuna Capital: Chicago-based proprietary trading firm specializing in options market making. Akuna is a direct competitor and co-investor alongside Belvedere in Optimal Market Technologies, making it the closest comparable peer in size, focus, and strategy.
- DRW Trading: Chicago-headquartered proprietary trading firm with diversified market making and liquidity provision across multiple asset classes. Direct peer with similar cultural and operational profile.
Broad incumbents
- Jane Street: Larger global proprietary trading firm with significant options and ETF market making operations. Broader incumbent competing in similar asset classes with substantially greater scale and capital base.
- Citadel Securities: Dominant institutional and retail market maker across multiple asset classes including options. As the explicit target of the Optimal Market Technologies consortium Belvedere joined, Citadel Securities is the most consequential competitor in Belvedere's strategic landscape.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Belvedere Trading, LLC social profiles
Digital presenceBelvedere Trading, LLC financial estimates
Financial estimateRevenue estimate
Valuation estimate
Belvedere Trading, LLC leadership team
Management profileNumber of profiles
Profiles7 records
Belvedere Trading, LLC subsidiaries and ownership
Company hierarchySubsidiaries1 record
Belvedere Trading, LLC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Belvedere Trading, LLC M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Belvedere Trading, LLC
What does Belvedere Trading, LLC do?
Belvedere Trading is a proprietary trading firm that operates as a market maker in equity index and commodity options markets, trading with the firm's own capital to provide liquidity and earn from bid-ask spreads and market inefficiencies. The firm also offers a "Backed Trading" program that provides external experienced traders and trading groups with access to its capital, proprietary technology, infrastructure, and risk management systems.
Is Belvedere Trading, LLC a public or private company?
Belvedere Trading, LLC is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Belvedere Trading, LLC founded?
Belvedere Trading, LLC was founded in 2002. It employs 251 to 500 people.
Where is Belvedere Trading, LLC based?
Belvedere Trading, LLC is headquartered in Chicago, United States, in the North America region.
How does Belvedere Trading, LLC make money?
Two revenue lines are on record. Proprietary Trading is the primary driver. The others are investment in Optimal Market Technologies.
Who are Belvedere Trading, LLC's main competitors?
Direct peers on record are Wolverine Trading, Virtu Financial, Optiver, IMC Financial Markets, Susquehanna International Group (SIG), Hudson River Trading (HRT), Akuna Capital and DRW Trading. Broad incumbents are Jane Street and Citadel Securities.
Does Belvedere Trading, LLC have an API?
No public API is recorded for Belvedere Trading, LLC.
What industry is Belvedere Trading, LLC in?
Belvedere Trading, LLC's product category is Proprietary Trading & Market Making. Its primary akta.pro industry code is FSADAGAC, Options (Vanilla) — Venues, Market Makers & Protocols, with a secondary code of FSADAAAD, Crypto Derivatives Exchanges (Futures, Options & Perpetuals). Its NAICS code is 5231 and its SIC code is 6211.