Wintermute Secures Broker-Dealer License to Rival Citadel and Jump Trading

Wintermute's US arm has secured a broker-dealer license, clearing the way for the firm to operate in regulated markets. The registration allows Wintermute USA to register as a market maker on American stock exchanges and compete with established players like Jump Trading, Jane Street, and Citadel Securities.

Chief Executive Evgeny Gaevoy plans to use this opportunity to rival these firms within three to five years. To achieve this goal, the firm will start by trading commodities and digital asset ETFs, followed by tokenized equities if regulators approve them.

The numbers show just how steep the climb is: only three firms hold designated market maker status on the New York Stock Exchange, with Citadel Securities holding over 62% of NYSE listings. Wintermute's case rests on its existing institutional clients, which drove 72% of its spot OTC volume in the first half of 2026.

The firm has already made significant strides in preparing for this moment, opening a New York headquarters in May 2025 and hiring Ron Hammond to lead policy work. The Financial Industry Regulatory Authority (FINRA) will now review Wintermute's membership application within 180 days.