What Mako Trading does

Mako Trading is a UK-headquartered, privately held options market maker that provides liquidity to global derivatives markets across Equities, Fixed Income, Commodities, and FX. Founded in 1999 through a management buyout of Saratoga, the firm evolved from London pit-based trading into a screen-based, automated global operation. It serves brokers, trading counterparties, and institutional investors through direct market access relationships and operates from seven offices: London (headquarters), Dublin, Amsterdam, Singapore, Sydney, Brisbane, and Chengdu. The parent entity is Mako Group Holdings LLC, which also includes Mako Investment Managers (fixed income fund management since 2007) and Mako Global Investors (established 2012), alongside the independent Mako Foundation charity (2019).

The firm's core offering is options market making, built on a proprietary trading technology stack developed and refined over more than two decades. Technology infrastructure combines low-latency connectivity to global markets with bespoke pricing and risk management systems; while underlying hardware such as FPGAs is described as commoditized, the competitive differentiator sits in the proprietary pricing and risk models and in algorithmic execution developed in-house since the Algorithmic Trading Group was formed in 2006. The firm is regulated in multiple jurisdictions — FCA in the UK (two FRNs), AFM in the Netherlands, and ASIC in Australia — and runs structured graduate programmes in trading and software engineering that underpin its talent pipeline.

Mako earns revenue primarily from bid-ask spreads captured while providing options liquidity, supplemented by proprietary trading positions and asset management fees from its fixed income fund operations. Pricing is not publicly disclosed and is negotiated directly with institutional counterparties. The firm has expanded via two recent acquisitions — Liquid Capital's London business (2022) and its Australia and China operations (2023) — and via greenfield offices in Singapore (2016), Sydney (2017), Amsterdam (2019), and Dublin (2024). Distribution is exclusively B2B and direct, with marketing activity focused on employer branding and philanthropy rather than customer acquisition.

Name

Mako Trading

Legal name

Mako Europe Ltd.

Website

https://mako.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

Mako Trading is a UK-based, privately held options market maker providing liquidity across global derivatives markets in Equities, Fixed Income, Commodities, and FX. It serves brokers, trading counterparties, and institutional investors through proprietary technology and seven international offices.

Ownership category

akta.pro rank

Product category

Options Market Making

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Options Volatility & Delta-One Market Making (FSACANAG)

akta.pro secondary industries

Liquidity Provisioning & Principal Trading (Bank/Dealer) (FSACANAI), Equity Market Making & Liquidity Provision (Cash Equities) (FSACAFAJ)

Keywords

• Options market making
• Derivatives liquidity provision
• Algorithmic trading systems
• Proprietary trading technology
• Fixed income trading

Headquarters

HQ city

Quarter

HQ country

United Kingdom

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Options Market Making: Primary revenue stream from providing liquidity to global derivatives markets, primarily through options market making. Generates revenue from bid-ask spreads and proprietary trading positions across Equities, Fixed Income, Commodities, and FX derivatives.
2. Fixed Income Trading: Fixed income fund operations through Mako Investment Managers, launched in 2007.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Mako Trading provides liquidity to global derivatives markets, primarily through options market making, using proprietary technology developed and refined over the last two decades. The firm deploys advanced trading applications over low latency infrastructure connecting to global markets across Equities, Fixed Income, Commodities, and FX derivatives. Mako also operates an investment management arm (Mako Investment Managers) running an award-winning fixed income fund.

Product overview

Mako Trading is a data-driven options market making company that provides liquidity to global derivatives markets. The company operates a unified product portfolio centered on its core options market making business, supported by proprietary technology developed over two decades. The product ecosystem includes Mako Financial Markets (MFM) and Mako Global Derivatives Partnership LLP for UK operations, Mako Derivatives Amsterdam BV for Netherlands operations, and Mako Trading Australia Pty Ltd for Australian operations. Additional entities include Mako Investment Managers (launched 2007) managing fixed income funds and Mako Global Investors (established 2012). The company also offers talent development through its Graduate Trader Programme (18-month), Graduate Software Engineer Programme (12-month), and Summer Internship Programme (1-month). Mako operates across Equities, Fixed Income, Commodities, and FX derivatives markets from offices in London, Dublin, Amsterdam, Singapore, Sydney, Brisbane, and Chengdu.

Differentiator

Problem solved

Functional benefit

Products and services

• Options Market Making
• Algorithmic Trading
• Fixed Income Fund (Mako Investment Managers)

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered completed acquisition, long-term partner, charity partner, research partner, expedition partner, technology partner and vendor.

• Liquid Capitalcompleted acquisitionOthersMako acquired Liquid Capital's London business in 2022 and Liquid Capital's Australia and China businesses in 2023, expanding APAC presence.
• WeSeeHopelong-term partnerOthersLong-term charity partner of Mako Foundation, working in Sub-Saharan Africa (Kenya, Malawi, Uganda, Zimbabwe, Tanzania) with programs including Village Investors Programme (VIP), pre-schools, kids clubs, and vocational training.
• City Harvestcharity partnerOthersLondon-based food charity that rescues surplus food and distributes it to more than 130,000 people each week, providing over 1.3 million meals a month. Recipient of Mako Foundation's 2025 food security fundraising.
• FoodCyclecharity partnerOthersUK charity fighting food poverty and food waste by preparing nutritious meals from surplus food for communities in need. Mako volunteers participated in cooking sessions supporting their mission.
• WeSeeHope (Hope Classic Rally)charity partnerOthersAnnual Hope Classic Rally fundraising event raising over £2 million to date for WeSeeHope's work supporting vulnerable children in Sub-Saharan Africa.
• Columbia Climate School's Lamont-Doherty Earth Observatoryresearch partnerStrategic or Co-development PartnerScientific research partner for Mission Spiritus expedition, analyzing sand samples for micro and nanoplastics in remote environments and studying human adaptability in extreme conditions.
• Outward Bound Omanexpedition partnerStrategic or Co-development PartnerLocal partner in Oman supporting Mission Spiritus expedition logistics, preparation, and ceremonial reception at their Muscat center.
• e-Innovatetechnology partnerTechnology or IntegrationTechnology and communications partners for Mission Spiritus expedition.
• GordanovendorOthersProviders of science packaging and transportation vessels for Mission Spiritus expeditions in both Antarctica and Oman.
• U-Aid Directcharity partnerOthersCharity partner supported through Mako Foundation's philanthropic initiatives.
• ReForest Nowcharity partnerOthersAustralian charity partner focused on environmental reforestation initiatives.
• Original Powercharity partnerOthersCharity partner supported through Mako Foundation focusing on empowerment and sustainability.
• Fields in Trustcharity partnerOthersUK charity partner supporting community recreational spaces and youth development.
• The Selby Trustcharity partnerOthersLocal community charity partner in London area.
• Inspire!charity partnerOthersEducation-focused charity partner supporting disadvantaged communities.
• London National Park Citycharity partnerOthersPartner supporting urban green space and community initiatives in London.

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Optiver: Amsterdam-headquartered global options and equities market maker with similar multi-asset derivatives franchise and proprietary low-latency technology. Directly comparable to Mako in business model, asset class coverage, and B2B institutional liquidity provision, though at significantly larger scale.
• IMC Financial Markets: Global proprietary trading firm and options market maker headquartered in Amsterdam with offices across Europe, the US, and APAC. Closely matches Mako's algorithmic options market making model, multi-jurisdictional regulatory footprint, and proprietary technology stack.
• Susquehanna International Group (SIG): Large privately held global quantitative trading firm with significant options market making and equity derivatives franchise. Comparable in business model (proprietary market making across asset classes), global office footprint, and graduate trader talent model, though at much larger scale.
• Maven Securities: London-headquartered options market maker providing liquidity across global derivatives exchanges with proprietary pricing and risk technology. Closely comparable mid-size peer to Mako in business focus (options market making), technology approach, and UK regulatory base.
• DRW Trading: Chicago-headquartered diversified principal trading firm active in options, futures, and fixed income market making with global offices. Comparable to Mako in B2B institutional liquidity provision, proprietary trading technology, and multi-asset derivatives focus.
• Wolverine Execution Services: European-headquartered options and equities market maker operating across global derivatives venues with proprietary trading technology. Direct competitor to Mako in options liquidity provision across European and US-listed derivatives.
• Belvedere Trading: Chicago-based options market maker providing liquidity to global derivatives exchanges, with focus on equity options and index options. Comparable in business model (proprietary options market making, B2B institutional counterparties), though with a US-centric footprint versus Mako's European/APAC emphasis.

Broad incumbents

• Citadel Securities: One of the largest global market makers across equities, options, and fixed income with a massive proprietary technology platform. Comparable in product offering (multi-asset market making) but operates at vastly larger scale and across a broader asset universe than Mako.
• Virtu Financial: Publicly listed global market maker and execution services provider operating across equities, options, fixed income, and ETFs. Overlaps with Mako in B2B options liquidity provision but is a much larger, publicly traded, multi-product platform with broader institutional reach.
• Hudson River Trading (HRT): Large quantitative trading firm applying machine learning and ultra-low-latency technology to market making and execution across global markets. Comparable to Mako in the algorithmic/quantitative market making model but operates at materially greater scale and capital base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/37784
• Instagraminstagram.com/makotrading
• Xx.com/makotrading

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Mako Trading