Mystery upstarts crash Robinhood’s retail options party

SEC filings hint at wider shake-up in wholesale options market-making

Ink Drop/Alamy Stock Photo

An insurgent market-maker teamed up with a US fintech to topple Citadel Securities as the top destination for Robinhood’s options trades last December, signalling the start of what could be a new era of competition for retail order flow.

The alliance between IMC Financial Markets and Dash Financial Technologies – which is owned by embattled financial software firm Ion Group – ate up more than 34% of Robinhood’s options flow in the final month of 2022, according to regulatory disclosures

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