What we are

Noax Trading is the proprietary trading arm of Noax. We trade our own capital, systematically, across a portfolio of strategies we research and build in-house. It is the core of the firm. Our main revenue is the return on our own capital, not fees.

What we trade

The portfolio is built around one idea, limits to arbitrage. Markets leave returns on the table where frictions stop arbitrage capital from collecting them. Transaction costs, capacity, idiosyncratic risk, institutional constraints. Our strategies are designed to operate inside those frictions, and that has a direct consequence. Most of what we trade cannot be offered to others. The edges exist because they do not absorb size, and scaling them would kill them. They stay proprietary.

One strategy, a systematic US long/short equity engine, has capacity well beyond our own capital. That one is offered externally through Noax Capital. Our own account runs there on the same terms as any client account. Same model, same positions, same schedule, one more account in the book.

Research

The research behind the strategies is documented publicly at Noax Capital, including the negative results. The process that discards ideas is the same one that selects them.