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 Largest electronic market making firm High risk appetite and growth Highly profitable Reliance on principal trading revenue Strong risk-adjusted capitalization Dependence on short-term funding Our ratings on Jane Street Group LLC (JSG) reflect its highly profitable trading business as a market maker and liquidity provider, along with our expectation that JSG will maintain strong capitalization and earnings while its business grows. S&P Global Ratings also thinks the firm's reliance on short-term wholesale funding, along with its high risk appetite and volatile principal trading business, partially offset these strengths. We estimated a risk-adjusted capital
