Futures Traders Are Getting Squeezed and More Job Cuts Are Expected
- Tough economics and low volatility bringing pain to Chicago
- ‘Looks like we’re about to see another wave’ of job reductions
Photographer: Daniel Acker/Bloomberg
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The futures world was buffeted in recent days with news of workforce cuts, and industry veterans say more may be on the way as smaller firms are squeezed by a few giants that dominate the $30 trillion market in Chicago.
The reductions at high-frequency firms XR Trading and Allston Trading LLC may be a harbinger of more consolidation to come, said Chris Hehmeyer, chief executive officer of Hehmeyer Trading & Investments. He said technology costs are prohibitive for smaller firms, part of an environment that’s testing the ability of startups to survive.