It’s trading profit. No one is counting their gains from a trade while including their rent into it. It’s a much easier to understand metric when you are discu

It’s trading profit. No one is counting their gains from a trade while including their rent into it. It’s a much easier to understand metric when you are discussing losses on a trade. No one is calculating losses including salaries. It means Jane Street is still highly profitable in trades this year despite making a bad bet. If they have overhead that eclipses that, that is an entirely different metric.