Comment by kolbe | Hacker News Reader

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Comment by kolbe | Hacker News Reader

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What's $10bn less short term cap gains taxes less $4bn?

You don't trade your money. You trade the clients money and take 2% of the assets and 20% of the gains. Notice the customers don't have yachts.

Prop trading firms usually trade their own money.

Jump Trading, like most other HFT firms do not take client money. They trade only the owner's personal capital.

Jump is a prop trading firm so this is just completely wrong, they only trade their own money.

IIUC you don't pay capital gains when you're operating a trading firm, you keep a balance sheet and subtract losses from gains

This is true for some asset classes. I cannot speak to crypto, though.

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