What Eclipse Trading does

Eclipse Trading is a proprietary trading firm founded in 2007 and headquartered in Hong Kong that specialises in equity derivatives market making and various arbitrage strategies. The firm trades exclusively using its own capital, has no external investors, and positions its trading as neutral to market direction. It operates from four offices — Hong Kong, Sydney, Shanghai, and Chicago — and employs over 120 staff drawn from more than 15 countries. Eclipse does not serve external customers; all positions are held on the firm's own books and all profits or losses accrue internally.

The firm's core technology is a proprietary electronic trading platform designed and maintained by an in-house development team, with explicit emphasis on speed, flexibility, and the ability to handle increasing volumes. Eclipse has extended this platform with a next-generation data transformation pipeline for high-performance data processing across trading windows, and an internal Python script framework maintained by a dedicated Rapid Application Development (RAD) team for trading automations. Trading, quant, and IT teams work in tight collaboration to design, build, and iterate on trading software and algorithms, and the firm cites the speed of that innovation cycle as a primary differentiator.

Eclipse's revenue is generated entirely from proprietary trading activities — primarily equity derivatives market making and arbitrage — rather than from fees paid by external clients. The firm runs structured graduate programmes for both traders (a three-month Hong Kong-based programme) and developers (an eight-week rotation across Quant and IT teams), and publicly highlights internal promotion of graduates into senior roles. There are no disclosed funding rounds, acquisitions, partnerships, or external customers, and the firm is privately held through its primary legal entity, Eclipse Options (HK) Limited.

Name

Eclipse Trading

Legal name

Eclipse Options (HK) Limited

Website

https://eclipsetrading.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Eclipse Trading is a Hong Kong-headquartered proprietary trading firm founded in 2007 that trades equity derivatives and arbitrage strategies using its own capital across offices in Sydney, Shanghai, and Chicago, with no external customers or investors.

Ownership category

akta.pro rank

Product category

Proprietary Trading (Equity Derivatives)

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)

akta.pro primary industry

Program Trading, Basket Trading & Delta-One (FSACAFAG)

Keywords

• Equity derivatives trading
• Proprietary trading firm
• Market making
• Arbitrage strategies
• Electronic trading platform

Headquarters

HQ city

Causeway Bay

HQ country

Hong Kong SAR China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Proprietary Trading: Eclipse Trading generates revenue through proprietary trading activities including equity derivatives market making and various arbitrage strategies. The company trades using its own capital with no external investors. Trading is neutral to market direction.

Go-to-market motion1 record

Marketing channels1 record

Core offering

Eclipse Trading is a proprietary trading firm that combines technology and quantitative analysis to provide liquidity in global equity derivatives markets. The firm trades using its own capital with no external investors, executing market making and various arbitrage strategies neutrally to market direction. Operations are powered by a purpose-built, in-house electronic trading platform maintained by an internal development team.

Product overview

Eclipse Trading operates as a proprietary trading firm with a single unified electronic trading platform. The platform is purpose-built and maintained internally, featuring core capabilities including trading systems (risk, pricing, position tracking, order management), a Python script framework for automation, and a next-generation data transformation pipeline. The two core teams (trading and development) work closely together to continuously improve the trading platform and refine trading strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Proprietary Electronic Trading Platform Custom-built, internally maintained electronic trading platform used by Eclipse's traders. Handles trading operations including risk management, pricing, position tracking, and order management. Designed for performance speed and flexibility to handle increasing volumes. (Used internally by the firm; not sold to external customers.)

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Wolverine Trading: Proprietary options market-making and trading firm based in Chicago with global offices. Closely comparable to Eclipse in options market making, self-funded capital model, and integrated trading-tech operations.
• Belvedere Trading: Chicago-based proprietary options market-making firm trading equity derivatives with internal capital. Comparable in scale (mid-sized prop firm), strategy focus (options market making and arbitrage), and self-funded, employee-owned structure.
• IMC Financial Markets: Proprietary trading firm focused on market making and arbitrage in equity options and other derivatives globally. Comparable in self-funded model, options market-making strategy, and integrated trading-tech culture with offices across the US, Europe, and Asia-Pacific.
• Akuna Capital: Proprietary options market-making firm using its own capital, headquartered in Chicago with Asia-Pacific presence. Closely matches Eclipse's equity derivatives focus, in-house platform development, and graduate training pipeline feeding trading and tech roles.
• Optiver: Global proprietary trading firm specializing in equity derivatives and options market making across major exchanges, with a similar in-house tech platform culture and presence in Asia-Pacific and the US. Directly comparable in business model, asset class focus, and self-funded proprietary capital structure.

Broad incumbents

• DRW Trading: Diversified proprietary trading firm with significant equity derivatives market-making and arbitrage activity globally. Comparable self-funded model and arbitrage strategies, but with a broader multi-asset footprint and larger headcount.
• Susquehanna International Group (SIG): Global proprietary trading firm with substantial equity options market-making activity and a strong in-house technology culture. Overlaps with Eclipse in options market making and tech-driven trading, but operates across many more asset classes and at larger scale.
• Jane Street: Large global proprietary trading firm with major equity derivatives and ETF market-making operations across the US, Europe, and Asia. Comparable core strategy (equity derivatives market making and arbitrage) but at significantly greater scale and capital base.
• Citadel Securities: One of the world's largest market makers in equity options and other listed derivatives, with global operations and proprietary capital. Overlaps with Eclipse in equity derivatives market making but operates at vastly greater scale and across many more asset classes.

Regional players

• Maven Securities: Mid-sized proprietary trading firm specializing in equity options market making with presence in Asia-Pacific and other regions. Comparable to Eclipse in options market-making focus and self-funded proprietary structure, though with a heavier Europe/APAC orientation.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Eclipse_Trading

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Eclipse Trading