Highly profitable, leading exchange-traded fund market making franchise Adequate capitalization Limited contingent liquidity Dependence on short-term financing from prime brokers Reliance on volatile principal trading revenue The stable outlook reflects S&P Global Ratings' expectation that Jane Street Group LLC will continue to grow with the exchange-traded fund (ETF) sector, with strong--albeit potentially volatile--earnings and adequate risk-adjusted capitalization. Specifically, we expect the firm to maintain adequate risk-adjusted capitalization, margin to equity below 75%, margin to trading capital below 60%, and adequate liquidity. We could lower the ratings in the next 12 months if: The firm suffers significant losses or weak results, or We expect the risk-adjusted capital (RAC) ratio to fall below 7%, or liquidity deteriorates. We could raise the ratings
