Highly profitable leading trading and exchange-traded fund (ETF) market-making franchise Adequate risk-adjusted capitalization Relatively high risk appetite Dependence on short-term financing Reliance on volatile principal trading revenue The stable rating outlook on Jane Street Group LLC reflects S&P Global Ratings' expectation of solid, albeit potentially volatile, profitability, with no outsize losses as Jane Street expands and continues to diversify its trading business. We expect the firm to maintain a RAC ratio above 8%; required margin to equity plus member loans below 75%; and sufficient 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 operating results;
