OLD MISSION CAPITAL LLC

Old Mission Capital LLC is a Chicago-based proprietary trading firm specializing in options market-making, quantitative trading, and liquidity provision across global financial markets. Founded by Matt Haraburda, Brian Sopinsky, and Hank Surless, the firm has established itself as a significant participant in the electronic market-making ecosystem, operating from Chicago's historic trading corridor where derivatives markets have flourished since the founding of the Chicago Board Options Exchange. Old Mission Capital files quarterly 13F reports with the Securities and Exchange Commission under CIK #0001455915, disclosing equity positions that primarily represent components of its broader trading and hedging operations. The firm's name evokes Chicago's historical significance as a hub of American commerce and its heritage in developing modern derivatives markets. Operating with proprietary capital rather than external client assets, Old Mission Capital focuses on providing liquidity to options markets while managing risk through sophisticated quantitative models and technology infrastructure. Through 13F History tools, market observers can examine the equity component of Old Mission's trading activities, recognizing that disclosed positions represent hedges and delta exposures associated with the firm's core options market-making business rather than traditional directional investment strategies.

Old Mission Capital's disclosed equity holdings must be understood within the context of its primary business as an options market-maker and liquidity provider. Unlike traditional asset managers pursuing fundamental equity selection, the firm holds equity positions primarily as delta hedges for options inventory, components of volatility arbitrage strategies, and exposures arising from market-making activities across listed options markets. The portfolio reflects the mechanics of options trading rather than directional investment views on individual companies. The equity positions visible in 13F filings represent only a partial view of the firm's overall risk profile, which is determined by net exposures across options, equities, and other instruments managed within an integrated quantitative framework. 13F Portfolio Composition analysis reveals diversified holdings across sectors with active options markets, including technology, financial services, healthcare, and consumer discretionary—reflecting market-making activity where the firm provides liquidity rather than sector investment conviction. Portfolio turnover is characteristically high, as positions are continuously adjusted in response to options expiration cycles, volatility surface changes, and dynamic hedging requirements. Sector Allocation History tracking illustrates shifts in equity exposure that correlate with options market activity levels and volatility patterns across different market segments rather than fundamental investment thesis development.

Old Mission Capital LLC represents a significant participant in the options market-making and liquidity provision landscape, operating from Chicago with the sophisticated quantitative infrastructure required for modern electronic trading. The firm's founding team—Matt Haraburda, Brian Sopinsky, and Hank Surless—built an organization capitalizing on technological evolution in derivatives markets while maintaining the risk management discipline essential for proprietary trading longevity. Analytical evaluation of Old Mission's 13F disclosures requires recognition that equity positions represent components of comprehensive trading strategies rather than standalone investments. Top 10 Holdings Concentration metrics may illuminate which underlying securities feature most prominently in the firm's market-making activities, potentially reflecting options market depth and liquidity in those names. Sector Allocation History analysis reveals shifting patterns that likely correlate with volatility surface dynamics and options activity levels across different market segments. Sharpe Ratio and other risk-adjusted metrics calculated solely from disclosed equity positions may not accurately represent overall firm performance, which is driven by market-making profitability, bid-ask spread capture, and volatility positioning across the complete options and equity portfolio. The firm's extended 13F filing history provides data for observing how equity hedging requirements have evolved as options markets have grown in complexity and volume. Given Old Mission Capital's core business in options market-making and liquidity provision, how do observable changes in disclosed equity positions correlate with shifts in implied volatility regimes across equity options markets—and does the 13F Portfolio Composition reveal concentration in names with the most active options markets, suggesting hedging requirements that scale with market-making activity volume?

Old Mission Capital's risk profile differs fundamentally from traditional long-only or long-short investment strategies. As an options market-maker, the firm's actual risk exposure is determined by net Greeks—delta, gamma, vega, theta, and higher-order sensitivities—across its combined options and equity portfolio. The equity positions disclosed in 13F filings may substantially overstate or misrepresent directional market risk, which is actively managed through options overlays and continuous hedging adjustments not visible in equity-only disclosures. Volatility Profile analysis of disclosed equity positions provides limited insight into the firm's true risk exposure, which may exhibit inverse relationships to equity market volatility when options market-making generates increased revenue during high-volatility periods. Max Drawdown Depth metrics calculated from 13F equity snapshots should be interpreted with significant caution, as options positions fundamentally alter the portfolio's sensitivity to market movements and may provide substantial hedging during equity market corrections. The firm's Chicago-based operations leverage the city's deep talent pool of quantitative traders, options specialists, and technology professionals developed over decades of derivatives market innovation. Old Mission Capital's survival through various market dislocations and volatility regimes demonstrates risk management capabilities that extend far beyond what is observable through equity holdings analysis alone. The Downside Capture Ratio derived from 13F data may not accurately reflect the firm's actual performance characteristics during market stress.