The Poker Aces Playing a Key Hand in the $5 Trillion ETF Market
Harnessing poker prowess and game theory, Susquehanna International has become a key ETF player.
On City Avenue in the Philadelphia suburb of Bala Cynwyd, Pa., across the street from a TGI Fridays and California Pizza Kitchen, sits a bland building that looks like any other corporate office. The only notable feature is in the parking lot: a large oak labeled a “significant tree” because it survived the American Revolution.
And yet within that dull gray-brown edifice, away from the trading hubs of New York and Chicago, sits a crucial engine of the $5 trillion global exchange-traded fund market, one increasingly relied upon by investors ranging from hedge funds to individuals. What’s more, the little-known billionaires behind the operation have groomed a generation of canny market experts.