Highly profitable, leading trading and exchange-traded fund (ETF) market-making franchise Strong risk-adjusted capital (RAC) ratio Higher risk appetite Dependence on short-term financing Reliance on volatile principal-trading revenue The stable outlook on Jane Street Group LLC reflects S&P Global Ratings' expectation for solid, albeit potentially volatile, profitability with no large losses as the firm expands its trading business. We expect it to maintain a strong RAC ratio above 10%, required margins to equity plus member loans below 75%, and liquidity to offset margin-call exposure, including margin to net trading capital typically below 65%. We could lower the ratings in the next 12 months if: Jane Street suffers significant losses or prolonged weak results; We expect the RAC ratio to fall below
