...July 21, 2021 - Jump Financial LLC is a Chicago-based trading firm, operating a market-making and principal trading business across multiple venues, strategies, and markets, including futures, equities, foreign exchange, treasuries, and options. - The company has a solid franchise across the asset classes that it trades, demonstrated strong profitability, and adequate capitalization, while we view its reliance on short-term prime brokerage funding, a lack of contingent liquidity, and the operational risk associated with the extensive use of automated algorithmic strategies as ratings weaknesses. - We therefore assigned a '##-' issuer credit rating to Jump and a '##-' issue rating to its planned $400 million senior secured term loan B. - The stable outlook reflects our expectation that Jump will maintain supportive operational performance, capitalization, and liquidity as it continues to expand its trading operations and risk. Specifically, we expect the firm will maintain a risk-adjusted...
