Wintermute's US arm has registered as a broker-dealer under SEC and FINRA oversight. It plans to trade commodities and crypto ETFs first, then expand into tokenized equities pending approval.
• The firm is positioning for designated market-maker status on NYSE and Nasdaq.
• It aims to compete with Jump Trading, Jane Street, and Citadel Securities within 3-5 years.
Matters because: More regulated market-making infrastructure could improve liquidity and price discovery for crypto ETF products over time.