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☆ Details about Jane Street's top secret, $1 billion trade revealed in court
▼ + stars: | 2024-04-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +9 min

Lawyers also revealed that the trade earned Jane Street $1 billion last year and was on pace to earn even more for the firm this year. Jane Street worried about extinguishing the trade's viability, Brown said, intentionally leaving short-term profits on the table to maintain its long-term viability. But the company's profits from the strategy plummeted in the month after the traders joined Millennium, Jane Street says, falling 50% in March. Engelmayer denied the temporary restraining order, saying Jane Street did not establish irreparable harm. Jane Street may believe irreversible harm has already taken place, given its desire to keep details of the trade secret, including the country it operates in.

Persons: —, Jane Street, Paul Engelmayer, pilfered, Doug Schadewald, Daniel Spottiswood, Jane, Deborah Brown, Quinn Emanuel, Engelmayer, Brown, Spottiswood, Andrew Levander, Levander, Jane Street's, Rollo Baker, Elsberg Baker, Maruri, Judge Engelmayer, Baker Organizations: Service, Management, Business, Millennium, Jane Street, Bloomberg Locations: Manhattan, India, Schadewald

☆ FTX estate selling majority stake in AI startup Anthropic for $884 million, with bulk going to UAE
▼ + stars: | 2024-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Bankrupt crypto exchange FTX has struck a deal with a consortium of buyers to sell the majority of its stake in artificial intelligence startup Anthropic for $884 million, according to a filing submitted late Friday to a Delaware court. That group is purchasing nearly $500 million worth of Anthropic shares. Multiple sovereign wealth funds were reportedly clamoring for a piece of FTX's Anthropic stake. Jane Street's head of quantitative research, Craig Falls, has also proposed to personally buy around $20 million worth of shares. Should it be approved, the sale would collectively account for nearly two-thirds of FTX's shares in Anthropic.

Persons: Jane Street, Sam Bankman, Fried, Caroline Ellison, Jane Street's, Craig, John Dorsey Organizations: Investment Co, United, United Arab Emirates, CNBC, Alameda Research, Venture, HOF Capital, Ford Foundation, Fidelity Management Locations: Delaware, United Arab, Saudi Arabia, UAE, Craig Falls, Anthropic

☆ Millennium Has Hired a Top Jane Street Trader
▼ + stars: | 2024-02-08 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

But the spotlight came for Jane Street anyway. Representatives for Jane Street and Millennium declined to comment. Millennium is in many ways the inverse of Jane Street. Six years ago, Schadewald joining Jane Street raised some eyebrows — a testament to the once barely-known firm's ascendance. Today, leaving a juggernaut like Jane Street for the intensity of a high-risk, high-reward hedge fund seat is viewed as the surprise.

Persons: Jane Street, Jane, It's, Sam Bankman, doesn't, Doug Schadewald, Izzy Englander's, Jane Street's, he's, Schadewald Organizations: Bloomberg, Business, Wall Street, Financial Times, Jane Street, Barclays, Management, Star Millennium, Citadel

☆ In his first job, Sam Bankman-Fried designed a system that called Trump's 2016 win before major news outlets — but the firm still lost $300 million on election night
▼ + stars: | 2023-10-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was paid $300,000 in his first year at Jane Street Capital, per Michael Lewis' biography. But the firm bet several billion dollars against the S&P 500 which actually rallied, so it lost $300 million. The most dramatic moment was in the Florida panhandle, which Jane Street called five minutes before CNN, Lewis wrote. "What had been a $300 million profit for Jane Street was a now a $300 million loss," Bankman-Fried told Lewis. Bankman-Fried's spokesperson and Jane Street didn't immediately respond to Insider's requests for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Michael Lewis, SBF, —, Jane, Jane Street's, Donald Trump, Lewis, Jane Street, Jane Street didn't Organizations: Jane, Capital, CNN, Service, MIT, Alameda Research, Trump Locations: Florida

LME SPECIAL COMMITTEEA day earlier, on March 7, when LME benchmark nickel prices had soared 66% to nearly $50,000 a tonne, the LME's Special Committee had met, Jane Street's document said. The Committee, which has emergency powers, "concluded that the nickel market remained orderly, since there were geopolitical and macroeconomic reasons for the price increases". The next day, however, when nickel prices skyrocketed, the committee did not meet, the document said. Jane Street executed nickel trades from 1:37 a.m. on March 8 and was due total proceeds on those trades of $32.7 million, it said in the document. The LME is also facing fresh lawsuits from ten hedge funds and asset managers for cancelling nickel trades.

☆ LME had regulatory obligation to be able to cancel nickel trades in March, filings say
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: +1 min

Traders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in London, U.K., on Monday, Feb. 28, 2022. The London Metal Exchange (LME), battling a combined $472 million lawsuit from U.S. hedge funds Elliott Associates and Jane Street Global Trading, had a regulatory obligation to be able to cancel nickel trades in March, it said in court filings. "All the actions taken on 8 March were lawful and made in the interest of the market as a whole. Elliott Associates and Jane Street declined to comment. But the exchange counters that its rulebook gave it clear and specific power to suspend the market and cancel existing trades.

☆ UK court says Elliott, Jane Street can sue LME for cancelled nickel trades
▼ + stars: | 2022-10-10 | by ( Pratima Desai | ) www.reuters.com time to read: +2 min

LONDON, Oct 10 (Reuters) - A British court has granted permission for U.S.-based hedge fund Elliot Associates and Jane Street Global Trading to sue the London Metal Exchange (LME) for cancelling nickel trades in March, a court document showed. Elliott and Jane Street are demanding damages of $456.4 million and $15.34 million respectively, after the nickel price topped a record $100,000 per tonne on March 8, prompting the LME's suspension of nickel trading and voiding of trades. The nickel trading episode has been the biggest crisis to hit the world's oldest metals forum in decades. "The LME therefore continues to consider that Elliott's and Jane Street's grounds for complaint are without merit, and the LME will defend any judicial review proceedings vigorously." Elliott Associates declined to comment and Jane Street did not immediately respond to a request for comment.

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