Wolverine Trading

Wolverine sums up its edge in two words: valuation arbitrage. The Chicago firm makes markets in the majority of listed index and equity options in the US, but the real work is pricing them against fair value and trading the gaps, not simply quoting both sides.

Founded in 1994, Wolverine serves as designated primary market maker and specialist across nearly every US options exchange, working both physical floors and electronic venues. It is built as a self-contained group: the proprietary desk, an institutional broker-dealer (WEX), an asset manager running outside capital (WAM), and its own data center subsidiary, 360TCS, for co-location and disaster recovery. Few market makers own their infrastructure top to bottom the way this one does.