Hudson River Trading

Hudson River Trading’s broker-dealer HRT Financial was formed in Delaware on August 10, 2009 and is now a partnership in which Hudson River Trading LLC is the limited partner with 75% or more ownership; Jason Eastwick Carroll has been its managing member since August 2009, and Adam Seth Nunes its chief executive officer since May 2010.⁠[1][1][1][1][1][1][1][1][1][1][1]

In February 2014, the New York Stock Exchange sanctioned HRT Financial over its trading in the Supplemental Liquidity Provider (SLP) program: the firm ran multiple independently operating algorithms in SLP securities that were unaware of one another’s orders, so that several million SLP orders executed against orders from the firm’s other algorithms, creating wash trades with no change in beneficial ownership; the firm had controls only against self-trades within the same algorithm and could review the relevant report only on the following day. Without admitting or denying the findings, the firm was censured and fined $170,000; the exchange said it took into account that it had introduced a new self-trade prevention service.⁠[1][1][1][1][1][1][1][1][1]

From February 2018, Hudson River Trading LLC became the owner of Sun Holdings LLC, thereby indirectly owning the broker-dealer Sun Trading LLC, formed in Illinois in 2003 and later renamed HRT Execution Services LLC. Before HRT’s ownership, Sun Trading had been sanctioned several times by the Chicago Stock Exchange and others for issues including failing to properly mark short-sale orders. As of the end of 2025, HRT Execution Services was an introducing broker-dealer that introduces customers to a clearing broker, with an affiliate as its sole customer.⁠[2][2][2][2][2][2][3][3][3]

In July 2018, the Cboe BZX Exchange found that, because of a coding error, HRT Financial had failed to submit more than 11.14 million market maker transaction reporting records to FINRA on time under the Regulation NMS Tick Size Pilot reporting requirements, and censured and fined it $30,000. Between February and March 2019, NYSE American, Cboe BZX and Nasdaq each found that the firm had a fail-to-deliver position in an equity security at a registered clearing agency and did not close it out by purchasing or borrowing securities within the time frame required by Rule 204(a)(3) of Regulation SHO, censuring it and imposing fines totaling $25,000. The firm neither admitted nor denied the findings in these matters.⁠[1][1][1][1][1][1][1][1][1][1]

In December 2023, FINRA, NYSE Arca and NYSE American found that in a partial tender offer expiring on August 31, 2022, HRT Financial held a net long position of only 164,920 shares but tendered 350,000 shares without accurately calculating its net long position, over-tendering 185,080 shares in violation of Rule 14e-4 under the Securities Exchange Act of 1934; after proration, 13,569 of the over-tendered shares were accepted, giving it ill-gotten gains of $233,445, and the firm had no supervisory system or written procedures concerning the rule. Without admitting or denying the findings, the firm was censured, fined a total of $110,000 and required to disgorge $233,445 plus interest; the fine was paid in full on February 16, 2024, and the firm has updated its written supervisory procedures.⁠[1][1][1][1][1][1][1][1][1]

In April 2025, the New York Stock Exchange found that HRT Financial had submitted more than 16 million principal orders on behalf of firm clients under its SLP proprietary market maker identifier, although these orders were not proprietary and were therefore not eligible for that identifier, in violation of exchange Rule 107B. Without admitting or denying the findings, the firm was censured and fined $60,000.⁠[1][1][1][1][1]

In October 2025, Robinhood Securities routed 9.02% of its non-directed orders in S&P 500 stocks to Hudson River Trading, behind Virtu Americas, G1 Execution Services, Jane Street and Citadel SecuritiesCitadel SecuritiesCitadel Securities is an American market maker founded in Chicago in 2002 by Ken Griffin and partners and headquartered in Miami, providing liquidity to institutional and retail investors across a range of financial products. It is a separate company from Citadel, the hedge fund Griffin founded in 1990.Open the full entry; that month HRT paid Robinhood Securities about $355,000 in order flow payments for these market orders, and Robinhood Securities passes 80% of the revenue it receives from third-party market makers to Robinhood Financial.⁠[4][4][4][4][4][4][4][4]

As of October 2026, HRT Financial LP is registered with the US Securities and Exchange Commission and 29 self-regulatory organizations, with its main office on the 76th floor of 3 World Trade Center, 175 Greenwich Street, New York; its registered businesses include acting as a US government securities dealer, a put and call broker or dealer or option writer, and trading securities for its own account, and it states that it makes markets over the counter in US equities and trades futures for its own account, and does not hold client funds or securities. Its indirect owners include HRT Capital LLC. As of October 2026, FINRA’s system records 10 regulatory events for HRT Financial and 9 for HRT Execution Services.⁠[1][1][1][1][1][1][1][1][1][1][1][1][2]