Список проголосовавших за комментарий "Natural gas options are notoriously volatile—often dubbed «the widowmaker»—and rely on elite proprietary trading firms for liquidity. Major global market makers in this space include <strong>Optiver</strong>, <strong>Jane Street</strong>, <strong>Virtu Financial</strong>, and <strong>DRW</strong>. To explore liquidity across commodity asset classes, check out the <a class="H23r4e" href="/r.php?u=https%3A%2F%2Foptiver.com%2F&s=2887460323" rel="noopener" target="_blank">Optiver</a> and <a class="H23r4e" href="/r.php?u=https%3A%2F%2Fwww.eex.com%2Fen%2Ftrading-resources%2Fparticipants%2Flist-of-trading-participants&s=575417070" rel="noopener" target="_blank">European Energy Exchange (EEX)</a> trading participant lists. [<a href="/r.php?u=https%3A%2F%2Fwww.drw.com%2Fmulti-asset-liquidity&s=3797428705">1</a>, <a href="/r.php?u=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3D-1DLCcxMoVE&s=169630325">2</a>, <a href="/r.php?u=https%3A%2F%2Fwww.reddit.com%2Fr%2Foptions%2Fcomments%2F10kmclg%2Fadvice_for_trading_natural_gas_options%2F&s=2624690585">3</a>, <a href="/r.php?u=https%3A%2F%2Foptiver.com%2F&s=2887460323">4</a>, <a href="/r.php?u=https%3A%2F%2Fwww.eex.com%2Fen%2Ftrading-resources%2Fparticipants%2Flist-of-trading-participants&s=575417070">5</a>, <a href="/r.php?u=https%3A%2F%2Fwww.efinancialcareers.com%2Fnews%2Fcommodities-trading-jobs-pay&s=311697025">6</a>, <a href="/r.php?u=https%3A%2F%2Fir.virtu.com%2Fnode%2F9801%2Fhtml&s=3309696798">7</a>]These institutions handle the massive bid-ask spreads and heavy tail risks of energy commodities through automated pricing models. Here is a breakdown of how the market operates and where these firms focus: Key Market Makers<ul><li><strong>Optiver:</strong> Known for making competitive, two-sided quotes on CME Natural Gas and Oil options. [<a href="/r.php?u=https%3A%2F%2Fthehedgefundjournal.com%2Fcme-group-crude-oil-spread-options-suite%2F&s=1997191717">1</a>, <a href="/r.php?u=https%3A%2F%2Foptiver.com%2F&s=2887460323">2</a>]</li><li><strong>Jane Street:</strong> Heavily involved in European gas (TTF/NBP) and expanding into North American power markets. They are a registered trading participant on platforms like EEX. [<a href="/r.php?u=https%3A%2F%2Fwww.efinancialcareers.com%2Fnews%2Fcommodities-trading-jobs-pay&s=311697025">1</a>, <a href="/r.php?u=https%3A%2F%2Fwww.eex.com%2Fen%2Ftrading-resources%2Fparticipants%2Flist-of-trading-participants&s=575417070">2</a>]</li><li><strong>Virtu Financial:</strong> A dominant force across the CME and ICE, providing liquidity across crude oil, heating oil, and gasoline/natural gas futures and options. [<a href="/r.php?u=https%3A%2F%2Fir.virtu.com%2Fnode%2F9801%2Fhtml&s=3309696798">1</a>]</li><li><strong>DRW:</strong> A major player in FICC (Fixed Income, Currencies, and Commodities) options and global carbon/energy markets. [<a href="/r.php?u=https%3A%2F%2Fwww.drw.com%2Fmulti-asset-liquidity&s=3797428705">1</a>]</li></ul> The Underlying MarketsMarket makers ensure liquidity by hedging their options books directly against the underlying futures. The primary hubs they trade are:<ul><li><strong>Henry Hub (NYMEX/CME):</strong> The premier North American benchmark.</li><li><strong>TTF (ICE Endex):</strong> The primary virtual trading hub for European natural gas.</li><li><strong>JKM (CME/ICE):</strong> Platts Japan Korea Marker for Asian LNG. [<a href="/r.php?u=https%3A%2F%2Fwww.mdpi.com%2F2227-9091%2F13%2F6%2F107&s=160935960">1</a>, <a href="/r.php?u=https%3A%2F%2Fwww.cmegroup.com%2Fmarkets%2Fenergy%2Fnatural-gas%2Fnatural-gas.html&s=3175265928">2</a>, <a href="/r.php?u=https%3A%2F%2Finsigniafutures.com%2Flearn-to-trade-natural-gas-futures%2F&s=3796891437">3</a>, <a href="/r.php?u=https%3A%2F%2Fwww.eex.com%2Fen%2Fmarkets%2Fnatural-gas&s=1192708208">4</a>, <a href="/r.php?u=https%3A%2F%2Fwww.ice.com%2Fglobal-natural-gas-futures%3Futm_source%3DICEHomepage%26utm_medium%3DBanner&s=3238790233">5</a>]</li></ul> Why Market Makers are CrucialNatural gas options are highly sensitive to sudden weather shifts, pipeline bottlenecks, and geopolitical events. Because natural gas futures curves are highly volatile, market makers rely on complex algorithmic models to continuously adjust Deltas across various monthly expiries to manage gamma risk"