Jump Financial LLC (Jump) continues to expand its trading operations, including longer-duration strategies across multiple asset classes, which has increased market risk and lowered risk-adjusted capital metric. The mitigating factor is Jump's enhanced risk management, capital growth through earnings retention, and wider revenue diversification. We affirmed our'BB-'long-term issuer credit and senior secured debt ratings on Jump. The outlook remains stable and reflects our expectation that the firm will prudently manage the growth of its trading operations and balance sheet as it adjusts its risk management framework to maintain strong operating performance, a risk-adjusted capital ratio above 10%, and stable funding and liquidity metrics. On Oct. 27, 2026, S&P Global Ratings affirmed its'BB-'issuer credit and senior secured
