Jane Street Capital

Jane Street Capital, LLC is a broker-dealer formed in Delaware on August 31, 1999 and registered with the Securities and Exchange Commission on March 27, 2000, with its main office at 250 Vesey Street in New York City. Its direct owner is Jane Street Group, LLC, which it reports as its member from January 2014, and its indirect owners are JSHC, LLC and JSHP, LLLP, both from October 2019. The Financial Industry Regulatory Authority record lists as control persons of Jane Street Group the members of its management committee, among them Robert Granieri (from January 2014) and, from December 2024, James McClave and others. The firm is registered with 29 self-regulatory organizations, holds books and records with third parties including the communications archiver Behavox, and reports prime brokerage arrangements with Wells Fargo Securities (from August 2024), BofA Securities (clearance and custody, from August 2023) and CF Secured, LLC, which does business as Cantor Prime Services and is indirectly owned by Cantor Fitzgerald, L.P. (prime brokerage and financing, from July 19, 2022).¹

The interim order of the Securities and Exchange Board of India (SEBI) of July 3, 2025 gives the establishment of Jane Street Group, LLC as 2000, its headcount as more than 2,600 in five offices in the United States, Europe and Asia, and its trading as spanning 45 countries. The order lists Jane Street Capital, LLC and Jane Street Execution Services, LLC as its United States broker-dealers, Jane Street Financial Limited and Jane Street Netherlands B.V. as its regulated European firms and Jane Street Hong Kong Limited as its Hong Kong entity, and records that Jane Street Europe Limited is the holding company of the Indian entity JSI Investments Private Limited, with Jane Street Group the ultimate holding company.² The complaint in Snyder v. Jane Street Group, LLC gives the founding year as 1999, names Granieri as a co-founder, and states that the firm reported net trading revenue of more than 10 billion dollars and net profit of nearly 6 billion dollars in 2023, nearly 20.5 billion and nearly 13 billion dollars in 2024, and net trading revenue above 24 billion dollars in the first three quarters of 2025; that it is behind more than 10 percent of equity trades in North America; and that it entered the cryptocurrency market in 2017.³

Alumni at Alameda Research and FTX

Sam Bankman-Fried joined Jane Street after his graduation and left in September 2017 to become Director of Development at the Centre for Effective Altruism, according to a 2025 filing by the FTX Recovery Trust. The Trust wrote that at Jane Street he met other adherents of Effective Altruism who later followed him to the FTX group, including Caroline Ellison and Ross Rheingans-Yoo, and that Rheingans-Yoo, who had worked with him at Jane Street and shared a residence with him in Hong Kong, moved into his 30 million dollar penthouse in the Bahamas in early 2022 to work at the FTX Foundation and then at Latona Biosciences Group. In November 2017 Bankman-Fried founded Alameda Research with Tara MacAulay, the former chief executive of the Centre for Effective Altruism; in April 2018 MacAulay and other employees left after offering to buy him out.⁴

Ellison's sentencing memorandum states that she first met Bankman-Fried in June 2015, when she was a summer trading intern and he had been a full-time trader for about a year and was coaching a mock trading exercise, and that the two became acquainted at a Jane Street-sponsored dinner at a Brazilian steakhouse. Her counsel wrote that Jane Street trained interns to think principally about maximizing the expected value of a strategy rather than about potential losses, through mock trading sessions and a culture of small wagers; that she returned as an intern in the summer of 2016, was asked within weeks to forgo a master's program for a full-time position, and worked from the fall of 2016 for about a year and a half as an assistant quantitative trader on the equities desk; that her social circle in New York consisted mostly of other Jane Street employees; and that in February 2018 Jane Street sent her on a recruiting trip to the Bay Area, where she met Bankman-Fried for coffee in Berkeley and accepted a job at Alameda, which she joined in March 2018.⁵ Nick Beckstead, the chief executive of the FTX Foundation, was named with Rheingans-Yoo as a defendant in the FTX debtors' 2023 adversary proceeding over Latona's life sciences investments.⁶

Anthropic

Anthropic's announcement of its 124 million dollar Series A on May 28, 2021 lists James McClave among the participants in a round led by Jaan Tallinn, with Dustin Moskovitz, the Center for Emerging Risk Research and Eric Schmidt also participating.⁷ Federal Election Commission records list a contributor named James McClave with the occupation trader and the employer Jane Street, and the FINRA record lists a James McClave (CRD 4823496) as a management committee member of Jane Street Group from December 2024.¹⁸ Dario Amodei's January 2026 essay "The Adolescence of Technology" thanks "Jim McClave," with Nick Beckstead and others, for comments on drafts.⁹

In March 2024 the FTX estate agreed to sell the majority of its Anthropic stake for 884 million dollars. CNBC reported, from a filing in the Delaware bankruptcy court dated March 22, 2024, that the largest buyer was ATIC Third International Investment Co., aligned with the Mubadala sovereign wealth fund of the United Arab Emirates, for nearly 500 million dollars; that Jane Street was the second-largest buyer, at almost 100 million dollars; and that Craig Falls, Jane Street's head of quantitative research, proposed to buy about 20 million dollars of shares personally. The sales were subject to the approval of Judge John Dorsey.¹⁰ Ellison's own Anthropic Series B shares, bought through a 10 million dollar simple agreement for future equity on or about March 31, 2022, were forfeited to the United States under her consent order of September 2024.¹¹

The Millennium suit and the SEBI inquiry

Jane Street Group sued Millennium Management and two former Jane Street traders in the Southern District of New York on April 12, 2024 under the Defend Trade Secrets Act (No. 1:24-cv-02783, Judge Paul A. Engelmayer). The parties stipulated to dismiss all claims and defenses with prejudice, each bearing its own costs, and the court so-ordered the stipulation on December 6, 2024.¹²

SEBI's order states that its inquiry began from April 2024 media reports titled "Jane Street-Millennium Suit: 'Secret' Strategy Concerns India, Hearing Reveals" and "Ex-Jane Street trader pillories claims he stole trade secrets," reports of the Millennium action in which Jane Street alleged unauthorized use of its proprietary strategies in Indian options markets. The order's chronology lists a request to the National Stock Exchange of India on July 23, 2024 to examine the group's trading; a meeting with SEBI on August 20, 2024 and a written submission from Jane Street dated August 30, 2024; a SEBI circular of October 1, 2024 on index options; an NSE examination report on November 13, 2024; a finding by a SEBI team on February 4, 2025 that the group appeared prima facie to be violating the PFUTP Regulations; and a caution letter issued by NSE on SEBI's instructions on February 6, 2025 to Jane Street Singapore Pte. Ltd. and JSI Investments Private Limited, to which the group replied on February 6 and 21. SEBI recorded that on May 15, 2025, "in disregard of the caution letter," the group continued to run very large cash-equivalent positions in index options.²

SEBI interim order of July 3, 2025

Whole Time Member Ananth Narayan G. issued the ex parte interim order (WTM/AN/MRD/MRD-SEC-3/31516/2025-26) in Mumbai under sections 11(1), 11(4), 11B(1) and 11D of the SEBI Act, 1992, against JSI Investments Private Ltd., JSI2 Investments Private Ltd., Jane Street Singapore Pte. Ltd. and Jane Street Asia Trading Ltd. The order describes two strategies on Bank Nifty options expiry days, an "Intra-day Index Manipulation" strategy and an "Extended Marking The Close" strategy. On the first, which it analyzed on the sample day of January 17, 2024, SEBI found that the group bought Bank Nifty constituent shares and futures aggressively in the morning while building larger opposite positions in index options, then reversed the cash and futures positions later in the day; it computed an intraday cash and futures loss of INR 199.7 crore across 15 such days and wrote that the loss "can only be viewed as a mala fide cost." SEBI found prima facie violations of section 12A of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations, 2003.²

Table 44 of the order lists 21 expiry days with total gains of INR 48,43,57,70,168 (INR 4,843.57 crore). Eighteen are Bank Nifty days from August 31, 2023 to July 10, 2024, of which January 17, 2024 accounts for INR 7,34,92,69,578; the order classes October 4, 2023, May 8, 2024 and July 10, 2024 under the extended marking the close strategy. The last three rows are Nifty expiry days after the February 2025 caution letter: May 8, 2025 (INR 3,06,65,621), May 15, 2025 (INR 1,67,52,81,113) and May 22, 2025 (INR 1,99,36,24,324).²

The order addressed Jane Street's letter of August 30, 2024, which suggested that the trades were meant to "remove unwanted delta" or to "manage overall delta," in a paragraph stating that "these bland statements do not take away from any of the arguments made above." The directions impounded INR 4,843.57 crore jointly and severally into an escrow account with a lien in favor of SEBI, restrained the four entities from accessing the securities market, froze debits from their bank, custody and demat accounts, required an inventory of Indian assets within 15 days and the close-out of open derivative positions within three months, made most restraints lapse on deposit of the escrow, and gave the entities 21 days to reply. SEBI stated that its observations were prima facie and made on the material on record.² On July 21, 2025 SEBI stated that Jane Street had confirmed compliance with the cease and desist direction and had deposited INR 4,843.57 crore in escrow.¹³

Jane Street appealed to the Securities Appellate Tribunal. On September 9, 2025, Khushboo Tiwari reported in the Business Standard, a three-member bench led by Justice P. S. Dinesh Kumar admitted the appeals and directed SEBI to explain within three weeks why the documents the firm sought could not be disclosed. SEBI's senior counsel, Gaurav Joshi, told the tribunal that more than 10 gigabytes of data had been provided and that "no show-cause has been issued because we are still investigating the matter," adding that the scope of a show cause notice could enlarge beyond the interim order. Jane Street sought earlier surveillance and investigation reports, including one by SEBI's Integrated Surveillance Department and correspondence with the National Stock Exchange, which it said cleared it of wrongdoing; SEBI replied that the material had not been relied upon in the order.¹⁴ Business Today reported on February 25, 2026, citing CNBC-TV18, that the tribunal had adjourned the hearing.¹⁵ Bloomberg reported in December 2025, citing people familiar with the investigation, that SEBI was examining a further strategy, the simultaneous selling of index call and put options at one strike price on settlement days, and could order additional disgorgement beyond the roughly 570 million dollars held in escrow; Bloomberg added that the firm had consistently denied wrongdoing in India and that the interim order put its trading gains in India from January 2023 to March 2025 at about 4.3 billion dollars.¹⁶ No final SEBI order and no tribunal decision had been located as of October 1, 2026.

Terraform and Snyder v. Jane Street Group

On February 24, 2026 Todd R. Snyder, the plan administrator of the Terraform Labs estates and of the Terraform Labs Wind-Down Trust, sued Jane Street Group, LLC, Jane Street Capital, LLC, Granieri, Bryce Pratt and Michael Huang in the Southern District of New York (No. 1:26-cv-01536, Judge Dale E. Ho), asserting claims under sections 10(b), 20A and 20(a) of the Securities Exchange Act, Rule 10b-5, section 6(c)(1) of the Commodity Exchange Act and CFTC Rule 180.1, as assignee also of the Luna Foundation Guard and of individual investors. Terraform's plan had been confirmed by the Delaware bankruptcy court on September 20, 2024 and became effective on October 1, 2024. The complaint was filed with extensive redactions. On May 12, 2026 the court granted the defendants' letter motion to seal exhibits to their motion to dismiss and to unseal material in the complaint, finding the remaining redactions narrowly tailored to protect privacy interests, and directed the plaintiff to re-file the complaint with the revised redactions, which he did on May 18, 2026.¹⁷¹⁸

The re-filed complaint alleges that Jane Street completed onboarding for over-the-counter trading with Terraform by November 2018; that Pratt, a summer 2021 software engineering intern at Terraform, joined Jane Street in September 2021 and kept close contact with Terraform's head of research; that on February 22, 2022 Pratt and two Terraform employees opened a group chat they named "Bryce's Secret," in which a Terraform employee identified the "big company" interested in Terraform as "Jane Streeeeeeeet"; and that Pratt relayed to Jane Street traders what he described as information from "my sources" and "trusted sources," including an estimate that Alameda Research's Anchor deposits were "somewhere north of $1B." It alleges that Terraform's then head of research interviewed with Jane Street in late March 2022, was offered a position on May 18, 2022 after the collapse, and began work there on June 6, 2022.¹⁸

According to the complaint, Jane Street accumulated about 200 million UST between February and April 2022 and staked it in the Anchor Protocol at 20 percent; on Saturday, May 7, 2022 it unstaked and sold its entire position of about 192 million UST in a single day, and at 10:24 p.m. Huang reported to colleagues the sale of "92m UST at .9978 on binance, and 85m UST at .9942 on curve in one swap." The complaint calls that swap the largest single swap on the Curve 3pool. On May 9, Pratt opened a group message with Do Kwon, Huang and another Jane Street employee to express interest in bidding on bitcoin or Luna; Kwon replied that "Bill from Jump," the Jump Trading co-founder Bill DiSomma, should have contacted Jane Street about a fundraise. The same day, the complaint alleges, a Jane Street colleague told Pratt that "Jump and Alameda are providing funding to Do today at some huge haircut." A Jump employee then introduced Granieri by email to DiSomma and Jump's president Dave Olsen, Granieri replied that he planned to say yes, and after the call Granieri wrote to an internal "robs-discussion-group" that Jump was "a big backer of this ecosystem," was looking for help bailing it out at a 60 percent discount with lockups, planned to invest only 100 to 200 million dollars, and that Jane Street "might be interested in buying between $200 mln and $500 mln" of Luna.¹⁸¹⁹

The complaint alleges that Jane Street went short 3.2 million UST and 1.1 million Luna on May 9, 12.2 million UST and 1.4 million Luna on May 10, and a further 8.2 million UST and 4.5 million Luna on May 11; that on May 10 a trader said he had "understood that mnpi didn't really exist in crypto"; that Granieri planned to "informally wall" leadership off from the desk although he did not "think there's any legal requirement to do so"; that Jane Street unwound the shorts for more than 19 million dollars of profit on UST and more than 115 million dollars on Luna; that on May 13 it ended the day holding more than 2.2 billion Luna futures bought for less than 1 million dollars; and that after an on-chain analytics firm, Nansen, published wallet analysis on May 27, 2022, employees discussed decommissioning the wallet and retired four wallets. The plaintiff seeks disgorgement for Terraform's creditors.¹⁸

The defendants, represented by Cleary Gottlieb Steen & Hamilton, moved to dismiss on April 23, 2026. Their memorandum calls the case "an attempt by the estate of Terraform Labs Pte Ltd. ('Terraform') to extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market," states that investors including Jane Street withdrew more than 2 billion dollars of UST from Anchor on May 7 in response to public signals, argues that the complaint's own allegations place the 85 million UST sale ten minutes after the alleged information was visible to the market and the first shorts on May 8, before the alleged rescue information of the evening of May 9, relies on the Archegos decision of the Second Circuit for the absence of a duty between arm's-length counterparties, and invokes the Wagoner rule and in pari delicto, stating that the plaintiff "stands in the shoes of a convicted felon" whose founder is serving a 15-year prison sentence. Their exhibits include a May 7, 2022 Jane Street chat forwarded on June 3, 2022 "to retain a record," and the May 9, 2022 email from Jump introducing Granieri to DiSomma, "one Jumps owners," and Olsen.¹⁹²⁰ The plaintiff, represented by Kirkland & Ellis, filed an opposition under seal and in redacted form on June 11, 2026; the defendants replied on July 13, 2026, and all parties jointly requested oral argument the same day.¹⁷²⁰ A ruling had not been located as of October 1, 2026.

The government's letter at Ellison's sentencing records that the May 2022 collapse of Terra and Luna led Alameda's lenders to recall nearly all their loans, requiring Alameda to repay more than 6 billion dollars on demand, which it did largely with FTX customer funds.²¹

Lobbying

The Lobbying Disclosure Act record begins with a registration by Hogan & Hartson L.L.P., now Hogan Lovells, effective March 7, 2003, for "Jane Street Securities" at 111 Broadway, listing lobbyists Kim M. Allen, Nancy L. Granese, W. Michael House and James G. McMillan. Its mid-year 2003 report gives income of 10,000 dollars, contacts with the House and the Senate, and the specific issue "Monitor financial services legislation"; later reports record no income, and a termination report was filed on August 12, 2005.²²

No further registration appears until 2025. Porterfield, Fettig & Sears registered for Jane Street Group, LLC with an effective date of June 2, 2025 (posted July 17, 2025) on "tax issues," reported 30,000 dollars for the second quarter of 2025 and 60,000 dollars for the third, the latter citing "H.R.1, One Big Beautiful Bill Act," and filed no-activity reports for the following three quarters. Its lobbyists include Chris Maneval, whose disclosed covered positions include deputy chief of staff to House Republican Whip Tom Emmer and chief of staff and legislative director to Emmer.²³

Hogan Lovells US LLP, since renamed Hogan Lovells Cadwalader US LLP, registered for Jane Street Group on September 18, 2025, effective August 9, 2025, on "issues related to the regulation of financial investments." Its lobbyists and their disclosed covered positions are Timothy Bergreen, staff director and deputy staff director of the House Permanent Select Committee on Intelligence from 2015 to 2021 and chief of staff and legislative director to Representative Adam Schiff from 2003 to 2014; Mayur Patel, associate general counsel at the Office of the United States Trade Representative from 2011 to 2018 and chief international trade counsel of the Senate Finance Committee from 2020 to 2025; Aaron Cutler, senior adviser for policy and outreach to House Majority Leader Eric Cantor in 2013 and 2014; and Daniel Winkler, an aide and adviser to Kyrsten Sinema from 2015 to January 2025. It reported 160,000 dollars for the third quarter of 2025, 50,000 for the fourth, 30,000 for the first quarter of 2026 and 10,000 for the second. The agencies contacted were the Department of Commerce, the Executive Office of the President, the Department of the Treasury and the Office of the United States Trade Representative, with the State Department added in the 2026 reports.²⁴ Bloomberg reported that Jane Street representatives met the Treasury, Commerce and the Executive Office of the President to discuss the firm's operations in India, and that Granieri had met lawmakers.¹⁶

Political contributions

Itemized Federal Election Commission receipts that list Jane Street as the contributor's employer include, under Granieri's name, 225,000 dollars to Republican Voters Against Trump and 200,000 dollars to Unite the Country (July 31, 2020), 175,000 dollars to Priorities USA Action (August 12, 2020), 100,000 dollars each to the Senate Leadership Fund, Colorado Rising PAC and 1820 PAC (September 21, 2020), 500,000 dollars to WFW Action Fund (February 25, 2022), 500,000 dollars to Principled Leadership for Michigan (July 22, 2022), 500,000 dollars to the Senate Leadership Fund (October 17, 2022), 500,000 dollars each to SFA Fund (December 15 and 27, 2023) and Women Vote (January 30, 2024), 700,000 dollars to HMP and 500,000 dollars to the Congressional Leadership Fund (September 27, 2024), and 198,000 dollars to Emmer Majority Builders (September 27, 2024). In the 2026 cycle the receipts include 130,900 dollars to Emmer Majority Builders (April 2, 2025), 345,100 dollars to Article One Victory with joint fundraising transfers to the DCCC and DSCC (December 24, 2025), and 500,000 dollars each to the committees registered as SLF PAC and CLF on March 31, 2026 and again on June 3 and 4, 2026.⁸

Contributions by other employees include 1,500,000 and 1,000,000 dollars to the Senate Leadership Fund on October 15, 2024 from two contributors listed as managing directors, 313,800 dollars to Emmer Majority Builders on March 1, 2024 from one of them, and 1,000,000 dollars to Unite the Country on February 28, 2020 from a contributor listed as a programmer, who appears in 2019 receipts as the firm's head of technology. James McClave, listed as a trader, gave 401,300 dollars to the Biden Victory Fund on September 24, 2020 and 250,000 dollars to the Harris Action Fund on May 10, 2023. Daniel Setzman and Turner Batty, both listed on the FINRA record as management committee members of Jane Street Group from December 2024, gave to Republican joint fundraising committees in 2024, 2025 and 2026, among them 373,200 and 376,600 dollars from Setzman to Grow the Majority (September 2024 and April 2026) and 420,100 dollars from Batty to One Team Senate Majority (December 10, 2025).¹⁸

Regulatory record

Jane Street Capital's FINRA record reports two final regulatory events involving control affiliates: an administrative fine of KRW 281.2 million (about 215,000 dollars) imposed by South Korea's Financial Services Commission on Jane Street Asia Limited, initiated December 27, 2023 and paid February 1, 2024, for hedging an October 2019 block trade before it was eligible for reporting, which the commission found violated the market disruption provisions of the Financial Investment Services and Capital Markets Act; and a 3,500 dollar penalty imposed by Norway's Finanstilsynet on Jane Street Group on January 21, 2021 for late reporting of net short positions in March and May 2020.¹