Fitch rates Hudson River Trading BB

Fitch Ratings said it assigned Hudson River Trading LLC BB long-term issuer default and secured debt ratings.

“The ratings reflect HRT's established market position as a technology-driven market maker in the U.S. equities market across various venues. The ratings also reflect HRT's improving scale and diversification, strong operating performance, scalable business model, and good track record of managing market and operational risks, including through the high volatility period in the first half of 2020,” Fitch said in a press release.

Elevated operational risks inherent in technology-driven trading and limited business diversification outside the equities market making space and other factors, constrain the rating, the agency said.

The outlook is stable. The outlook, Fitch said, reflects expectations the firm will sustain good operating performance, moderate cash flow and balance sheet leverage and sufficient liquidity in a lower volatility environment.

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