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Options

Market making and taking on single stock options.

The Options Arm is split between three market making teams and three market taking teams, all trading a curated set of single stock options.

Because L2 options data is impractical to stream live, the options order book is built entirely from student quotes. Only a small set of single stock options on selected underlyings are tradable, with a restricted set of strikes and expirations.

The three options market making teams continuously quote across the chain and hedge their delta on the underlying exchange. The three options market taking teams hunt for alpha on the options book itself and are not permitted to trade the underlying.

Restricting the options universe also makes the arm a friendlier place to learn options trading from first principles.