Market Maker Revenue Surges 22% as ‘New Class’ Takes More Ground

A group of high-speed trading firms epitomized by the likes of Citadel Securities and Jane Street recorded a huge jump in revenue last year as they expanded their influence across asset classes.

Non-bank liquidity providers, as they are known, generated $25.6 billion executing orders in equities, fixed income, currencies and commodities markets, according to a report from Coalition Greenwich released Wednesday. That’s up 22% from the prior year, the report shows.

While traditional banks continue to dominate trading in many areas — generating roughly $132 billion last year in the areas where the non-banks compete, up 4% compared to 2023 ...