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Jane Street – Best North American ETF Market-Maker

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Slawomir Rzeszotko, head of institutional sales and trading, Europe at Jane Street reports that it’s been a continuing story of global growth for the firm’s business over the last year.

Jane Street is headquartered in New York and has offices in London and Hong Kong. Rzeszotko oversees institutional relationships for Jane Street in Europe, leading sales initiatives for ETFs and electronic equities sales and trading via JX-EU, Jane Street’s Systematic Internaliser platform.

The firm traded USD1.7 trillion of ETFs in 2017, marking an increase of more than 20 per cent on the previous year. “We do see the ETF industry continuing to grow and we are excited to see our business growing alongside that industry,” says Rzeszotko.

Jane Street actively prices over 4,000 ETFs, trading on more than 170 trading venues in 45 countries. Its demonstrable strength is in the primary markets for ETFs, where it creates/redeems over USD1.5 billion per day and has over 30 per cent market share in US international and fixed income ETFs.

“With more than 90 dedicated ETF traders and their talents, combined with the technology we can employ, we are able to turn around those volumes and help investors find liquidity when they are trading ETFs. That’s a testament to the amount of resource that the firm invests in the business,” Rzeszotko adds.

The firm is constantly making sure that they add coverage of new ETFs in the universe. Last year it seeded more than 60 new ETFs that had been launched across the board. “We have been working with issuers trying to understand innovative product ideas – and we often support new launches with seed capital,” says Rzeszotko. He reports that many factor investing trends translated into ETF ideas and, particularly in Europe, there has been a growing theme around ESG with an increasing number of ETFs being launched with ESG exposures.

In total, last year Jane Street committed USD600 million in seed capital to new ETFs.

On the innovation front, Jane Street has also launched a Systematic Internaliser platform – designed to help investors access its liquidity.

“The Systematic Internaliser platform is a direct response to the MiFID II regulations,” Rzeszotko explains. “We are pricing both single stocks and ETFs electronically and providing investors with access to liquidity through us. It’s proving popular, predominantly in the single stocks as we are still waiting for the adoption on the ETF side on a larger scale, but the early signs are promising.”

Rzeszotko says that the Systematic Internaliser is also something that facilitates access to liquidity from the post trade perspective – allowing institutional clients to export the trade reporting obligation to a counterparty they are trading with under MiFID.

“It’s important that we are trying to play a role when it comes to thought leadership in the ETF industry,” Rzeszotko emphasises. Jane Street recently commissioned its first global institutional ETF trading survey and published a paper on important considerations of NAV trading in ETFs – both of which were very well received by institutional investors. 

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