Highly profitable technology-driven trading franchise Good operational track record Operational risk Transactional principal trading revenue The stable outlook reflects S&P Global Ratings' expectation that Hudson River Trading LLC (HRT) will maintain supportive operational performance, capitalization, and liquidity as it continues to expand its trading operations and risk. Specifically, we expect the firm will maintain profitability, a risk-adjusted capital (RAC) ratio above 10%, and adequate funding and liquidity. Over the next 12 months, we could lower the ratings if: The firm's market risk grows more rapidly than expected; It suffers a material operating loss; The RAC ratio declines below 10% on a sustained basis; or Available liquid capital declines materially. While it is unlikely over the next 12 months, we could
