This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Highly profitable, leading market-making franchise. High risk appetite. Strong risk-adjusted capitalization. Increased reputational and regulatory risk following Indian regulator's investigation. Improving funding. Dependence on short-term financing. We believe the firm's reliance on short-term wholesale funding, along with its high risk appetite and volatile principal trading business, partly offset these strengths. The firm was founded in 2000, and its main business is principal trading and market making in U.S. and non-U.S. securities. Initially focused on equity exchange-traded fund (ETF) market making, Jane Street has successfully diversified into additional asset classes like fixed income, options,
