Morgan Stanley’s electronic options market-making business
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Morgan Stanley’s electronic options market-making business - overview
Location
-, -, US
Primary Industry
Financial Services
About
Based in the US, Morgan Stanley’s electronic options market-making unit specialized in facilitating U. S. equity options trades through automated systems. It operated across major exchanges including Cboe, Nasdaq, NYSE, and MIAX, serving institutional and retail clients with liquidity and pricing services.
In July 2025, Citadel Securities Americas LLC, a portfolio company of Paradigm and Sequoia Capital, acquired Morgan Stanley’s electronic options market-making business. Morgan Stanley’s electronic options market-making unit provided a range of services centered on facilitating trades in U. S. equity options through automated systems.
It operated as a specialist on major exchanges such as Cboe, Nasdaq, NYSE, and MIAX, where it was authorized to maintain active buy and sell quotes beyond standard market maker requirements. The unit also offered liquidity and pricing support, contributing to orderly market function, and served both retail and institutional clients by executing trades efficiently. Its role was comparable to designated market makers, emphasizing continuous quoting and order management across trading venues.
Current Investors
Citadel Securities Americas LLC
Primary Industry
Financial Services
Sub Industries
Investment Banking
Company Stage
Add-on
Total Amount Raised
Subscriber access only
Morgan Stanley’s electronic options market-making business - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on, Corporate Carve Out | Completed | Morgan Stanley’s electronic options market-making business | - |
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