The Small Exchange, a Chicago, IL-based new futures exchange, raised $10m in strategic funding.
Backers included Citadel Securities and Jump Capital, who have both made a $5m investment.
The company intends to use the funds to continue to enhance its development efforts.
Led by Donnie Roberts, President and CEO, The Small Exchange focuses on creating a customer-centric futures exchange, seeking to bridge the futures product gap for investors and participants of all sizes through an individual subscription offer that provides reduced exchange and market data fees, as well as uniform proprietary cash settled indices.
The company aims to facilitate the trading of exchange-created proprietary products for all types of market participants including, but not limited to market makers/liquidity providers, Introducing Brokers (IBs), Futures Commission Merchants (FCMs), proprietary trading firms and hedge funds, all with a primary focus on the public retail customer.
The exchange seeks to become a registered Designated Contract Market (DCM) with the Commodity Futures Trading Commission (CFTC).
Source. FinSMEs, May 16, 2019
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