The Small Exchange

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The Small Exchange
Founded 2019
Headquarters Chicago
Key People Donnie Roberts, president and CEO
Products retail focused futures exchange

The Small Exchange is a pending futures market aimed at retail customers. The company, founded in January 2019, was co-founded by Tastytrade's founder Tom Sosnoff and Peak6's founders Matt Hulsizer and Jenny Just.[1]

It received approval from the CFTC on March 10, 2020 to become a U.S. futures exchange. [2]

The exchange built its own infrastructure from the matching engine to the risk management system. Clearing will be done by OCC.[3] The platform will start with futures and add options later.[4]


The Small Exchange was formed to become the world's largest "customer-centric" futures exchange, aiming to offer contracts designed for retail traders. It offered an initial one-time subscription to the exchange, a 50 percent discount on exchange fees and reduced market data fees. Up to 25,000 subscriptions were offered at $100 each.

The goal of the exchange is to make futures trading easy and attainable for customers.[5]

In May 2019, the firm announced it had raised $10 million in new capital, $5 million each from Citadel Securities and Jump Capital, a division of Jump Trading.[6]

In September 2019, the exchange announced that OCC would serve as the clearing house.[7]

Products and Services

The exchange plans to offer: equity indexes, bonds, FX, energies and metals. Contracts will be priced in dollars and cents and priced in small, retail contract sizes. Contracts are cash settled on the third Thursday of the month.

The exchange runs on proprietary matching technology.

Key People


  1. The Small Exchange®, a New Customer-Focused Futures Exchange for the Everyday Investor to Launch. Press Release.
  2. CFTC Approves New Futures Exchange Aimed at Individual Traders. The Wall Street Journal.
  3. A new exchange . . . with new products . . . for traders of all sizes. Small Exchange.
  4. Tastytrade, Peak6 invest $10 million in new exchange. Crain's Chicago Business.
  5. The Small Exchange: Building a new ecosystem for the little fish. John Lothian News.
  6. The Small Exchange Raises $10 Million from Citadel Securities and Jump Capital in New Strategic Financing Round. Press Release.
  7. The Small Exchange Secures OCC Clearing and Settlement Services. Press Release.