The Chicago based trading firm Buttonwood Trading Group is history after a rogue trading incident in the commodity market wiped their balance sheet in December.
The firm employed some 50 employees and has a stake in several other trading companies across the world – according to their cheap website. By the way, they even appear to have another free great website.
Apart from inexpensive websites the firm used RTS as trading software. As far as I can see Buttonwood has been around since 2008. Company - or whats left of it – declined to comment on the news.
Five months ago, when Amsterdam based ETF trader Nyenburgh was bought by Virtu – not all employees were welcome in London. Half a dozen index arbitrage traders, with roots at IMC, were told to leave. With investment from Buttonwood, they started Tontine Trading House. With the mother firm in panic, their start-up venture lost financial backing and had to shut the doors. Close your business within two months and have your apartment stacked with brand new office furniture and trade desks : that’s definitely bad luck.