Ronin expanded rapidly before flaming out, accounts show

Chicago prop firm tapped $450m financing line with broker-dealer as assets grew to $34bn


Newly released regulatory filings show Ronin Capital’s balance sheet ballooned by almost two thirds to $34 billion at the end of 2019. Less than three months later, CME Group auctioned off the prop firm’s derivatives portfolios after determining it could no longer meet the bourse’s minimum capital requirements.  

A analysis of Ronin’s filings with the US Securities and Exchange Commission since 2002 indicates it dramatically expanded its trading activity last year. The firm reported

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