Wolverine Trading is a privately held proprietary trading firm headquartered in Chicago, founded in 1994. It began as an options market maker on exchange trading floors and has grown into a group of related businesses operating under the Wolverine name: Wolverine Trading, the proprietary market making and valuation arbitrage business; Wolverine Execution Services (WEX), an independent broker dealer; and Wolverine Asset Management (WAM), a registered investment adviser running alternative strategies for qualified investors. The firm acts as market maker in more than 2,500 listed securities and derivatives and holds membership on every US equities and options exchange plus eleven non-US exchanges, quoting continuous two-sided markets in equities, equity and index options, ETFs and ETF options, futures and options on futures, and cash bonds. Wolverine's core specialty is derivatives market making, particularly listed equity and index options, where its trading desks pair proprietary pricing and risk models with technology built by its own engineering staff; the firm states it processes well over 100 million market data messages a day. Unlike purely electronic market makers, it retains a floor presence through WEX, which layers direct floor access, algorithmic execution and agency brokerage on top of that trading-floor heritage. WAM differentiates itself by running several uncorrelated strategies, capital structure arbitrage, volatility trading, event-driven, relative-value equity, and NAV arbitrage, across equity, credit, commodity and volatility asset classes rather than a single approach, and the group operates its own colocation data center, 360 Technology Center Solutions, in Lombard, Illinois, to support exchange connectivity. Robert Bellick and Christopher Gust are Wolverine's co-managing partners and are also the principal owners of Wolverine Asset Management. WAM is a SEC-registered investment adviser; its most recent 13F filing, for the period ending March 2026, reported roughly $10.4 billion in US-listed equity holdings (a partial view of total firm assets, since 13F filings cover only reportable US equity positions). Wolverine Trading, LLC is registered with FINRA under CRD number 36848. The group employs several hundred people across trading, quantitative research, engineering and operations, based in Chicago with additional offices in New York, San Francisco and London, and its own materials cite "Best Place to Work" recognition in both Chicago and New York for multiple consecutive years through 2025.
