Surge Trading

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Surge Trading
Products Market maker

Surge Trading is the revised name for the market-making portion of Bernard Madoff’s business, which he ran for years alongside the Ponzi scheme for which he was convicted of fraud.[1]

It was announced in June of 2009 that the business would be relaunched and led by Frank Petrilli, a former chief executive of TD Waterhouse, and would provide financial institutions, including broker-dealers, with access to trade execution services and exchanges, subject to FINRA approval.[2]


Madoff's firm was the 23rd-largest market maker on Nasdaq in October of 2008, handling a daily average of about 50 million shares, according to exchange data. The firm originally specialized in orders from online brokers in some of the largest U.S. companies, including General Electric Co. and Citigroup Inc.[3]

The losses connected to the Ponzi scheme had been from the hedge fund business, which was separate from the firm's market-making business.[4]

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  1. Madoff Trading Unit Revived. Financial Times.
  2. Surge Trading Acquires Madoff Trading Platform, Launching Market Making Business. Advanced Trading.
  3. Bernard Madoff, securities firm founder, charged with fraud. Los Angeles Times.
  4. Bernard Madoff Arrested Over Alleged $50 Billion Fraud. The Washington Post.