Tragic

Archive link (https://archive.is/20260814213548/https://www.ft.com/content...)

Pretty short so I imagine more details and analysis are forthcoming.

“By our calculations, Jane Street ponied up a one-off $200mn to do the deal and then locked in a further $200mn of costs per annum, at least in part, to avoid us gawping at their numbers every quarter. Wowsers” [1].

[1] https://www.ft.com/content/28a51284-98cc-4767-a306-0540d2656...

They're still up $25B for the year, so it's hard to feel bad for them :-)

On a more serious note, Jane Street has hired some very impressive technical talent. I'd work for them, myself, if I didn't have to relocate to Chicago.

It's all so sketchy. Jane Street were investors in SA but presumably were much more sophisticated and savvy than Leopold. When SA got in trouble, 3 firms got into a bid war for the assets at fire sale prices: Citadel, Jane Street and a third I forgot. Citadel outbid the other 2, but it's all weird, like Jane Street wanted in on the popular boy's book that they knew was going to tank and just were waiting around in the water like sharks.