Susquehanna

The story of Susquehanna International Group, or SIG, begins not in a boardroom, but around a poker table. In the late 1970s, a group of friends at the State University of New York at Binghamton, including Jeff Yass, Arthur Dantchik, Gerald Yass, Steve Bloom, Eric Brooks, and Andrew Frost, bonded over cards, honing their skills in probability and game theory. This experience became the foundation for their future venture. In May 1987, they founded SIG, a quantitative trading firm, naming it after the river near their alma mater. Famously, the firm has remained privately held throughout its history. The company launched just months before the "Black Monday" stock market crash of October 1987. Leveraging their quantitative approach and a bet on put options, SIG was one of the few firms to profit from the crash, reportedly making $30 million in its first year. This initial success set the stage for their growth into a global trading powerhouse. SIG specializes in trading a vast array of financial products, particularly options, and acts as a market maker for thousands of stocks and ETFs. They are known for building their own trading technology from scratch. A key part of SIG's journey has been diversification. The firm has expanded into private equity, venture capital, and even sports analytics. One of its most significant investments was an early stake in ByteDance, the parent company of TikTok, which by 2020 was valued at over $15 billion.