Brian Donnelly, founder of global market making firm Volant Trading, is attempting to challenge established players in the U.S. Retail options trading space, according to a report published today by Risk.net. Volant, founded in 2006, has spent the last three years attempting to become a wholesaler to WeBull, a retail brokerage.
Donnelly reportedly considered abandoning the effort just over a year ago, facing difficulties competing with established wholesalers like Citadel, IMC/Dash, and Jane Street. Retail brokers, including Robinhood and WeBull, rely on wholesalers to process a wide range of options trades, encompassing single stocks, indexes, and zero-day-to-expiration contracts.
The push by Volant comes as scrutiny of the retail options market increases. A staff report released in June 2025 by the Committee on Capital Markets Regulation (CCMR) highlighted the demand for a comprehensive assessment of the U.S. Options market landscape as policymakers consider potential regulatory reforms. Recent research too focuses on the profitability of retail options trading, with some studies suggesting retail investors generally experience losses, while others point to specific strategies and market conditions where profits are possible.
According to the Risk.net report, Volant has assembled a team of market makers specifically to compete for order flow. The firm’s strategy appears to be focused on handling the diverse range of options contracts demanded by retail brokers. Research from the Cboe Options Institute indicates that retail investors are increasingly drawn to options trading, particularly around anticipated periods of high volatility, such as earnings announcements.
The competitive landscape in retail options order flow remains dominated by a few key players. The success of Volant’s strategy, and its ability to gain significant market share, remains to be seen.
