Virtu, Optiver Said to Join Forces to Take On Citadel in Options

Four market making firms have joined forces to back a firm buying US options order flow from retail brokers, shaking up the lucrative business of providing liquidity to a fast-growing corner of the equity market.

Akuna Capital, Belvedere Trading, Optiver and Virtu Financial Inc. have invested in a new options intermediary, Optimal Market Technologies, according to people familiar with the matter. The four market makers will be leading members of a larger group of liquidity providers who will compete for flow routed from trading apps used by small-scale traders to Optimal.

Citadel Securities is the largest buyer of ...