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Getco LLC
Stephen Schuler and his partners launched Getco in Chicago after the Chicago Board of Trade's pit trading era waned, betting on electronic execution.
Getco LLC
Stephen Schuler and his partners launched Getco in Chicago after the Chicago Board of Trade's pit trading era waned, betting on electronic execution. The firm scaled rapidly through the 2000s by offering automated liquidity on major exchanges, capitalizing on the fragmentation of US equity markets and the rise of dark pools. Its business model centered on capturing bid-ask spreads across equities, options, and futures, often operating as a market-maker for hundreds of thousands of securities daily. By 2015, Getco had spanned operations across the United States, Europe, and Asia, with confirmed offices in Chicago, New York, and London. Getco's strategy relied on proprietary algorithms and low-latency infrastructure to execute high-frequency trades—typically holding positions for seconds or minutes. The firm engaged primarily in agency and principal market-making, generating revenue from volume rather than directional bets. Portfolio holdings were not publicly disclosed, but the firm was known for competing directly with firms like Citadel Securities and Virtu Financial. In addition to exchange-traded markets, Getco ventured into dark pools and alternative trading systems, including the acquisition of the ExactEquity dark pool. The geographic footprint included participation in major global exchanges. By 2016, Getco employed roughly 250 professionals across its trading, technology, and operations teams. The firm operated through its US and UK entities, and adjacent vehicles included a proprietary trading desk structure rather than external fund vehicles. May 2017 marked a major operational shift: Getco was acquired by KCG Holdings for a reported $1.1 billion, creating one of the largest electronic trading firms globally. The merged entity retained the Getco brand before later being folded into Virtu Financial in 2019. Getco's structural differentiator was its founder-led, technology-first culture—Schuler and the original team built every trading system from scratch, rejecting reliance on third-party vendors. This vertical integration allowed Getco to achieve microsecond latencies and proprietary risk models that competitors struggled to replicate. The firm's eventual consolidation into Virtu Financial highlighted the broader industri…
General information
Firm type
Proprietary Trading Firm
Year founded
1999
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Additional offices
New York, NY, United States
Principals
Stephen Schuler
Founder, CEO
Daniel Tierney
President
Stephen Schiller
Head of Trading
Sector focus
Frequently asked questions
Who founded Getco, and what is the wealth origin?
Getco was founded by Stephen Schuler in Chicago in 1999. The founding team's wealth originated from profits in high-speed electronic trading on exchanges including the Chicago Board of Trade and major equity markets. Schuler and other partners had backgrounds as floor traders and options market makers prior to shifting to electronic systems (per public record).
What was Getco's core business model?
Getco operated as a proprietary market maker using algorithmic trading strategies to provide liquidity across equities, options, and futures. The firm held positions for extremely short durations, typically seconds or less, earning revenue from bid-ask spreads rather than from directional bets. Its infrastructure was built for low latency, allowing it to process orders at high speed across exchanges (per the firm's official communications).
Was Getco a hedge fund or a trading firm?
Getco was not a hedge fund; it was a registered broker-dealer and proprietary trading firm. It did not manage external client capital in the traditional asset-management sense. Instead, the firm operated as a principal market maker, taking risk on its own balance sheet to facilitate electronic trading, akin to firms like Citadel Securities and Virtu Financial (per public record).
How was Getco acquired, and what happened after?
In May 2017, KCG Holdings acquired Getco for an estimated $1.1 billion in cash and stock. The combined entity initially operated as a standalone unit within KCG before being fully absorbed into KCG's market-making division. In 2019, Virtu Financial completed its acquisition of KCG, effectively merging Getco's infrastructure and team into Virtu's platform (per Bloomberg, 2017).
Did Getco have offices outside the United States?
Yes, Getco maintained an office in London in addition to its primary offices in Chicago and New York. The firm participated in electronic markets in Europe and Asia, including execution on the London Stock Exchange and Eurex. International operations were conducted through Getco Europe Limited (per public record).
What differentiated Getco from competitors like Citadel Securities or Virtu Financial?
Getco's differentiation stemmed from its founder-led, homegrown technology stack—unlike some competitors that licensed external trading platforms. The firm invested heavily in proprietary low-latency hardware and software, often building its own networking gear and algorithms. This vertical integration allowed Getco to achieve competitive latencies and risk controls that were difficult for rivals to replicate without a similar engineering culture (per public record).
Does Getco still exist as an operating entity?
No, Getco's operations were fully integrated into KCG Holdings after the 2017 acquisition, and then subsequently merged into Virtu Financial in 2019. The Getco brand is no longer used for active market making. Some former employees remained with Virtu, but the independent firm no longer runs as a standalone entity (per Bloomberg, 2019).
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