Connect to Susquehanna with ZagTrader

Who is Susquehanna?

Susquehanna International Group, widely known as SIG, is a global quantitative proprietary trading firm and one of the most active market makers and liquidity providers in modern markets. Trading with its own capital, the firm applies a quantitative, technology-driven approach — grounded in probability, modelling, and disciplined risk management — to price instruments and supply two-sided liquidity across global venues. Rather than acting as an advisory or agency broker, SIG operates as a principal market maker, continuously quoting and absorbing flow so that other participants can transact efficiently.

Susquehanna is particularly well recognized for its strength in listed options, where it is one of the most prominent market makers, as well as in exchange-traded funds (ETFs) and equities. For asset managers, hedge funds, brokers, and banks, a liquidity provider of this scale and specialization is a natural execution counterparty — and reaching it through a stable, monitored connection is a practical requirement for any desk that routes flow to it. That connectivity and workflow layer is the role ZagTrader is built to fill.

How ZagTrader connects and routes to Susquehanna

ZagTrader provides institutional connectivity to Susquehanna through FIX sessions, established and tested so that orders, executions, and acknowledgements travel over resilient, monitored links. The same connectivity supports direct market access (DMA) and request-style workflows, allowing desks to send orders to Susquehanna and source its liquidity while retaining full control and visibility on the trading blotter. Where flow reaches the firm through a hub or ECN, ZagTrader can route across those paths as part of the same unified workflow.

Connectivity is delivered as part of ZagTrader's integrated Order Management System (OMS) and Execution Management System (EMS). Traders work from a unified blotter, apply pre-trade compliance and risk checks, and use smart order routing logic to direct orders appropriately before they leave the desk. Drop-copy sessions can provide an independent, real-time stream of execution and order-status messages for reconciliation, surveillance, and risk monitoring. Because order management, execution, routing, and post-trade share one platform, there are no brittle hand-offs between disconnected systems.

• FIX sessions for order entry, execution reports, and acknowledgements.
• Direct market access (DMA) order flow with full blotter visibility.
• Smart order routing managed within the OMS/EMS before orders are sent.
• Drop-copy sessions for independent reconciliation and surveillance.
• Pre-trade compliance and risk checks applied before orders leave the desk.

What you can access through Susquehanna

As a global quantitative market maker, Susquehanna provides liquidity across a range of listed products, with particular depth in options. Routing to it via ZagTrader's multi-asset platform lets a desk tap that liquidity from a single, consistent workflow rather than maintaining separate tools per product line. The firm's derivatives franchise is a defining strength: as one of the leading options market makers, SIG quotes across equity and index options, which supports efficient hedging and risk transfer for options-heavy and multi-asset flow. Alongside derivatives, its activity in ETFs and equities makes it a relevant counterparty for cash and fund-related execution as well.

The specific instruments, products, and services available always depend on a client's own agreements and onboarding with the firm. Within that scope, ZagTrader provides the connectivity and routing layer that lets a desk reach Susquehanna's quotes alongside its other counterparties and venues.

• Listed options — equity and index options pricing from a leading options market maker.
• ETFs — execution and liquidity in exchange-traded funds.
• Equities — cash equities execution across global markets.
• Other listed products available under the relevant client agreements.

Settlement and post-trade

Execution is only the first step in the trade lifecycle, and ZagTrader is built to carry flow routed to Susquehanna all the way through to booking. Fills captured over FIX, and confirmed via drop-copy where available, feed straight into the platform's post-trade processing, so that trades, allocations, and positions stay consistent without manual re-keying. This matters especially for options and other derivatives flow, where accurate capture of contract-level detail is essential for downstream risk and reconciliation.

The platform supports trade confirmation and allocation, generation of settlement instructions, and reconciliation against counterparty, custodian, and clearing records. Settlement itself takes place through the relevant market infrastructure and the client's own custody and clearing arrangements; ZagTrader's role is to manage the order and post-trade data flow accurately around that process. Reporting and audit-ready record keeping are produced from the same source of truth that runs from order inception, helping desks meet their internal control and regulatory obligations across the jurisdictions in which they operate.

Why route to Susquehanna through ZagTrader

Routing to Susquehanna through ZagTrader means consolidating execution, routing, risk, compliance, and post-trade onto one multi-asset front-to-back platform instead of stitching together separate systems for each function. A single OMS/EMS blotter spans Susquehanna alongside other supported liquidity providers, brokers, and venues, so traders manage their full book in one place and operations work from one consistent set of records.

FIX connectivity and reconciliation give desks confidence that what was sent, executed, and booked all agree, while smart order routing and pre-trade controls keep execution disciplined. For options-heavy and multi-asset flow in particular, reaching a deep, specialized liquidity provider through a controlled, monitored connection helps desks execute efficiently. As needs grow, the same platform scales to additional counterparties, asset classes, and markets without re-platforming, making ZagTrader a durable foundation for desks that route institutional flow to Susquehanna and beyond.

• One multi-asset OMS/EMS for Susquehanna and additional liquidity providers, brokers, and venues.
• FIX and DMA connectivity with drop-copy reconciliation.
• Smart order routing and pre-trade compliance and risk controls.
• Strong fit for listed options and multi-asset flow from a single workflow.
• Scales to more counterparties, asset classes, and markets without re-platforming.