TransMarket Group

TransMarket Group LLC (TMG) is a privately held quantitative proprietary trading firm based in Chicago.

TransMarket Group
FormerlyAardvark Financial Inc.
TypePrivately held company
IndustryFinance/ Trading
Founded1980
FounderRay Cahnman
HeadquartersChicago
Websitewww.transmarketgroup.com

Description

TMG was founded in 1980 by Ray Cahnman, a former floor trader, and has roughly 150 employees including interns.[1] The firm's primary business is as an electronic market maker in a diverse group of assets including commodities, government debt, currencies, and interest rates.[2][3][4][5]

TMG has been a major player in the markets since its founding and pioneered bond futures basis arbitrage at the inception of the Chicago Board of Trade (CBOT) Treasury futures contracts.[6]

History

1980-Current
  • 1980- TMG was founded as Aardvark Financial Inc.
  • 1981- Aardvark Financial became a clearing member of the Chicago Mercantile Exchange. Shortly thereafter, they began providing clearing services for their clients.
  • 1984- Aardvark Financial changed its name to TransMarket Group.
  • 2001- TMG sold their clearing business to Fortis (now BNP Paribas Fortis), which is now a major subsidiary of BNP Paribas.[7][8]
  • 2002- TMG acquired the futures broking division of Traderspace Limited (TSL) after which TMG divided their existing Australian business operations with their proprietary trading operation continuing under the TMG brand and the combined TMG and TSL Futures Broking Business becoming BrokerOne. TMG was for a time in the top quartile of brokerage houses as measured by volume on the Chicago futures exchanges.[9]
  • 2006- TMG created Aardvark Trading LLC to serve as TMG's algorithmic trading subsidiary.
  • 2007- MF Global acquired BrokerOne, a leading Australian Futures Broker. Prior to this acquisition, the controlling shareholder was TransMarket Group. TransMarket Group began shifting its entire business to its "arcade" proprietary trading business.[10]
  • 2010-TMG's subsidiary Aardvark Trading and TMG’s domestic “arcade” operation agreed to merge operations. The merger integration between TMG domestic and Aardvark has largely been completed and resulted in the shift of TMG’s core business to team based model driven proprietary trading, though a small independent trading operation still remains. TMG’s previous international operations are being divested.

Leadership

Ray Cahnman, Founder, Chairman (US Interest Rates Trading)

Ray Cahnman began his trading career at the Chicago Board of Trade in October 1975. He became the first independent trader to trade financial products at Shatkin Trading Company, which led to a partnership to arbitrage US Treasury cash/futures. In 1980, he established Aardvark Financial, a CBOT clearing firm. Aardvark Financial became a clearing member of the Chicago Mercantile Exchange in 1981. The firm was renamed TransMarket Group in 1984. He qualified as an independent floor trader on London International Financial Futures Exchange and Sydney Futures Exchange in 1989. From 1999-2002 Mr. Cahnman was a Director of the Chicago Board of Trade. Mr. Cahnman has trained many highly successful traders over his career. Ray continues to actively trade and manages the firm’s US interest rates strategy. Mr. Cahnman holds a Bachelor of Science degree in Mathematics from DePaul University and a Master of Business Administration degree from Tulane University.[11][12][13][14][15]

References
  1. "About - TransMarket Group L.L.C." Archived from the original on 2013-12-09. Retrieved 2013-08-15.
  2. "TransMarket Group LinkedIn Profile". Archived from the original on 2012-02-16. Retrieved 2011-11-07.
  3. "TransMarket Group". TransMarket Group. Archived from the original on 2011-10-16. Retrieved 2011-10-26.
  4. "Asia eTrading Article- Vitol and TransMarket Group". Archived from the original on 2012-01-25. Retrieved 2011-11-08.
  5. "Singapore Mercantile Exchange- Vitol and TransMarket Group" (PDF). Archived (PDF) from the original on 2012-04-25. Retrieved 2011-11-08.
  6. "The Futures: The Rise of the Speculator and the Origins - Google Search". www.google.com.
  7. "Fortis gains TMG Clearing". Archived from the original on 2014-05-24. Retrieved 2011-10-26.
  8. "Fortis(NL)NV acquires TransMarket Group-Clearing Business from TransMarket Group".
  9. "BrokerOne Product Disclosure Statement" (PDF). Archived (PDF) from the original on 2006-09-01. Retrieved 2011-10-26.
  10. "MF Global Acquires Leading Australian Futures Broker".
  11. "Bloomberg Businessweek Executive Profile".
  12. "Tulane Freeman Magazine". Archived from the original on 2012-04-29. Retrieved 2011-10-26.
  13. "Bloomberg Businessweek- The Always On Trader". Archived from the original on 2011-09-11. Retrieved 2011-10-26.
  14. "Chaos theorists: Proprietary trading firms racking up huge profits". 26 January 2009. Archived from the original on 22 October 2012. Retrieved 26 October 2011.
  15. "Book- The Futures- Ray Cahnman". Retrieved 2011-10-26.
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