Profitable market-making and principal trading franchise Strong market shares in several major asset classes Adequate risk-adjusted capitalization Reliance on volatile principal trading revenue High operational risk due to reliance on automated algorithmic strategies Dependence on short-term financing from prime brokers The stable outlook reflects our expectation that Jump Financial LLC will maintain good operating performance, capitalization, and liquidity as it continues to expand its trading operations and risk. Specifically, we expect the firm will maintain a risk-adjusted capital (RAC) ratio above 10%. Over the next 12 months, we could lower the ratings if: We expect the RAC ratio to decline below 10% on a sustained basis, either because of large member distributions or increased exposures to unconsolidated affiliates; The ratio
