FIRMS.md: expand universe to 137 firms via regional enumeration

Regional enumeration (7 agents + synthesis; each firm has a public
source_url in data/raw/firm_enumeration.json) adds 80 firms:
- China >=Y10bn big tier (+14): Longqi, Blackwing, Chengqi, Mengxi
  (蒙玺, ~Y200m GPU spend), Mingshi Fund (鸣石), Inno, Qilin, QuantPi...
- India (+11): Graviton, Quadeye, iRage, AlphaGrep, NK Securities...
- Japan/Korea (+6): Qraft, GCI (Kyoto-temple DC), Simplex...
- Middle East (+8): ADIA/ADIA Lab, Final (Israel), Continuum...
- Western gaps (+21): TGS, Schonfeld, Walleye, Verition, QIM, RSJ,
  Da Vinci Derivatives, Maven, Vatic Labs, Castle Ridge (WALLACE)...
- Rest of world (+8): VivCourt (AU), Giant Steps/Kadima (BR)...

137 total (11 mapped, 126 candidates); 36 star-flagged with a public
compute signal. Also force-adds compute_specs_facts.json provenance.
Dropped 3 tech vendors (uTrade, QuantX, Futures First).

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

Author: whiteskylondon

FIRMS.md

@@ -1,8 +1,11 @@
 # FIRMS.md — the firm universe
 
-Defining the universe of quant/HFT firms worth considering for the map,
-**before** any per-firm research. One flat list; classification lives in the
-fields, not in sections.
+The universe of quant/HFT firms worth considering for the map — **137 firms**
+(11 already mapped, 126 candidates), to agree before per-firm compute research.
+One flat list; classification lives in the fields, not in sections. Each row
+carries a public `source_url` in `data/raw/firm_enumeration.json`; the regional
+sweep (China ≥¥10bn tier, India, Japan/Korea, Middle East, plus a Western-gap
+and rest-of-world pass) is captured there.
 
 ## Ontology
 
@@ -31,63 +34,143 @@ that's recorded as the finding.
 
 | firm | country | continent | firm_type | mapped | notes |
 |---|---|---|---|---|---|
-| AQR Capital | USA | North America | Quant AM | — | Greenwich CT; factor/risk-premia, more CPU than GPU |
 | Akuna Capital | USA | North America | MM/HFT | — | Chicago; options MM |
+| AQR Capital | USA | North America | Quant AM | — | Greenwich CT; factor/risk-premia, more CPU than GPU |
+| Aquatic Capital Management | United States | North America | Systematic | — | Chicago; none public (high-performance R&D platform stated; no DC/GPU disclosure) |
+| Arrowstreet Capital | United States | North America | Quant AM | — | Boston; none public |
 | Balyasny (BAM) | USA | North America | Multi-mgr | — | Chicago; quant pods |
+| Belvedere Trading | United States | North America | MM/HFT | — | Chicago; execution-only |
 | Bridgewater | USA | North America | Systematic | — | Westport CT; systematic macro, not a GPU-ML story |
+| Castle Ridge Asset Management | Canada | North America | ML-native | — | ★ Toronto; on-prem AI supercomputer 'WALLACE' publicly announced (2023): fluorinert liquid-cooled proprietary system, datacentre-level cooling;… |
 | Chicago Trading Co (CTC) | USA | North America | MM/HFT | — | Chicago; options |
 | Citadel (hedge fund) | USA | North America | Multi-mgr | — | Miami/Chicago; distinct from Citadel Securities |
 | Citadel Securities | USA | North America | MM/HFT | T3-003 | ★ Miami HQ; Google Cloud (1M+ cores) |
 | Cumberland (DRW) | USA | North America | Crypto MM | — | Chicago; DRW's crypto arm |
 | D.E. Shaw | USA | North America | Multi-mgr | — | ★ NYC; Anton supercomputers published (but molecular-dynamics research, not trading) |
 | DRW | USA | North America | MM/HFT | — | Chicago; Vigilant Global towers (Layer 2) |
+| Eagle Seven | United States | North America | MM/HFT | — | Chicago; execution-only |
+| Eladian Partners | United States | North America | MM/HFT | — | New York; execution-only |
+| Engineers Gate | United States | North America | Systematic | — | New York; none public |
 | ExodusPoint | USA | North America | Multi-mgr | — | NYC |
 | Five Rings | USA | North America | MM/HFT | — | NYC |
+| Graham Capital Management | United States | North America | Systematic | — | Rowayton; none public |
+| Group One Trading | United States | North America | MM/HFT | — | Chicago; execution-only |
 | GTS | USA | North America | MM/HFT | — | NYC; NYSE DMM |
+| Hard Eight Trading | United States | North America | MM/HFT | — | Chicago; execution-only |
 | Headlands Technologies | USA | North America | MM/HFT | — | Chicago |
 | Hudson River Trading | USA | North America | MM/HFT | T3-011/012 | ★ NYC; Lefdal Mine (Norway) + cloud |
 | Jane Street | USA | North America | MM/HFT | T3-009/010 | ★ NYC; Dallas GPU DC + CoreWeave |
 | Jump Trading | USA | North America | MM/HFT | T3-015/016 | ★ Chicago; Vera Rubin + Carrollton TX |
+| Millburn Ridgefield | United States | North America | ML-native | — | New York; none public (statistical-learning framework stated; no DC/GPU disclosure) |
 | Millennium | USA | North America | Multi-mgr | — | NYC |
 | Old Mission | USA | North America | MM/HFT | — | Chicago/NYC |
 | PDT Partners | USA | North America | Systematic | — | NYC; ex-Morgan Stanley quant |
+| PEAK6 Capital Management | United States | North America | MM/HFT | — | Austin; execution-only |
 | Point72 / Cubist | USA | North America | Multi-mgr | — | ★ Stamford CT; Cubist systematic; public AI push |
+| Quantitative Investment Management (QIM) | United States | North America | ML-native | — | Charlottesville; none public (ML-forward stated; no DC/GPU disclosure) |
 | Quantlab | USA | North America | MM/HFT | — | Houston |
 | Radix Trading | USA | North America | MM/HFT | — | Chicago |
 | Renaissance Technologies | USA | North America | Systematic | T3-004 | East Setauket NY; 50k cores (firm-published), site scale undisclosed |
+| SBB Research Group | United States | North America | Systematic | — | Northbrook; none public |
+| Schonfeld Strategic Advisors | United States | North America | Multi-mgr | — | New York; none public |
 | Susquehanna (SIG) | USA | North America | MM/HFT | — | ★ Bala Cynwyd PA |
+| Teza Technologies (Teza Group) | United States | North America | Systematic | — | Chicago; none public (alt-data / quant research stated; no DC/GPU disclosure) |
+| TGS Management | United States | North America | Systematic | — | Irvine; none public |
 | Tower Research Capital | USA | North America | MM/HFT | — | NYC; shortwave (Alpine, Layer 2) |
 | Two Sigma | USA | North America | Systematic | T3-013 | NYC; private DCs + Google Cloud |
+| Vatic Labs (Vatic Investments) | United States | North America | MM/HFT | — | ★ New York; AI/ML research signal (autonomous trading agents, continuous-learning models per company site); no public DC/GPU disclosure |
+| Verition Fund Management | United States | North America | Multi-mgr | — | Greenwich; none public |
 | Virtu Financial | USA | North America | MM/HFT | — | NYC; New Line Networks towers (Layer 2) |
 | Voleon Group | USA | North America | ML-native | — | ★ Berkeley CA; ML-first |
+| Walleye Capital | United States | North America | Multi-mgr | — | New York; none public |
 | Wolverine Trading | USA | North America | MM/HFT | — | Chicago |
 | WorldQuant | USA | North America | Systematic | — | ★ Old Greenwich CT; alpha factory |
+| XR Trading | United States | North America | MM/HFT | — | Chicago; execution-only |
 | Aspect Capital | UK | Europe | Systematic | — | London; CTA |
 | Assenagon | Germany | Europe | Quant AM | — | Munich; ~€50bn; likely a documented null (not a GPU-ML/DC shop) |
 | Cantab (GAM Systematic) | UK | Europe | Systematic | — | Cambridge |
 | Capital Fund Management (CFM) | France | Europe | Systematic | — | ★ Paris; Bouchaud; academic-grade research compute |
-| Flow Traders | Netherlands | Europe | MM/HFT | — | Amsterdam |
+| Da Vinci Trading (Da Vinci Derivatives) | Netherlands | Europe | MM/HFT | — | Amsterdam; execution-only |
 | Florin Court | UK | Europe | Systematic | — | London; alt-markets CTA |
+| Flow Traders | Netherlands | Europe | MM/HFT | — | Amsterdam |
 | G-Research | UK | Europe | Systematic | T3-014 | London; multiple 8MW halls; Dallas infra hub |
 | GSA Capital | UK | Europe | Systematic | — | London |
 | IMC Trading | Netherlands | Europe | MM/HFT | — | ★ Amsterdam; shortwave (West Chicago, Layer 2) |
 | Man Group (AHL/Numeric) | UK | Europe | Systematic | — | ★ London; public tech talks |
 | Marshall Wace (TOPS) | UK | Europe | Systematic | — | London; signals engine |
+| Maven Securities | United Kingdom | Europe | MM/HFT | — | London; execution-only |
 | Optiver | Netherlands | Europe | MM/HFT | — | ★ Amsterdam |
 | Quadrature Capital | UK | Europe | Systematic | — | London |
+| Quantica Capital | Switzerland | Europe | Systematic | — | Zurich; none public |
 | Qube Research & Technologies | UK | Europe | Systematic | — | ★ London/Geneva; ex-Credit Suisse systematic, ~$28bn |
+| RSJ Securities | Czech Republic | Europe | MM/HFT | — | Prague; execution-only |
 | Squarepoint Capital | UK | Europe | Systematic | — | London/Paris/NY |
 | Systematica | Switzerland | Europe | Systematic | — | Geneva/Jersey |
-| Winton | UK | Europe | Systematic | — | London |
 | Wintermute | UK | Europe | Crypto MM | — | London; crypto, in scope |
+| Winton | UK | Europe | Systematic | — | London |
 | XTX Markets | UK | Europe | MM/HFT | T3-001/002/017 | London; Kajaani campus + Verne (Iceland) |
+| AlphaGrep Securities | India | Asia | MM/HFT | — | Mumbai; none public |
+| Amber Group | Singapore | Asia | Crypto MM | — | Singapore/HK; crypto, in scope |
+| APT Portfolio (A.P.T. Portfolio) | India | Asia | MM/HFT | — | New Delhi; none public (ML/technology emphasis stated, no DC/GPU disclosure) |
+| Auros | Hong Kong | Asia | Crypto MM | — | Hong Kong; execution-only |
 | Baiont Quant | China | Asia | ML-native | — | Nanjing; ML-first |
+| Blackwing Asset Management (黑翼资产) | China | Asia | Systematic | — | ★ Shanghai; Founder describes full-process AI from signal discovery to model construction, using LLMs to parse text data; recruits ML researchers with… |
+| Century Frontier Asset Management (世纪前沿) | China | Asia | Systematic | — | ★ Shenzhen; Recruits quant researchers (Python/C++, 3yr+); part of 2025 quant-AI hiring wave. No public DC/GPU quantification. |
+| Chengqi Asset Management (诚奇资产) | China | Asia | ML-native | — | ★ Shenzhen; Publicly stated 2023 shift to an ML-centred non-linear modelling framework; ~80% of ~80 staff are R&D/IT across Beijing/Shenzhen/Shanghai.… |
+| Dharma Capital (ダルマ・キャピタル株式会社) | Japan | Asia | MM/HFT | — | Tokyo; execution-only (JPX/PTS co-location, latency-first) plus a notable public R&D signal: 2021 joint experiment with Toshiba applying the… |
+| Dolat Capital | India | Asia | MM/HFT | — | Mumbai; none public |
+| Eclipse Trading | Hong Kong | Asia | MM/HFT | — | Hong Kong; execution-only |
+| Estee Advisors | India | Asia | Quant AM | — | Gurugram; execution-only |
+| Evolution Asset Management (进化论资产) | China | Asia | Systematic | — | Shanghai; none public |
+| Fount (파운트) | South Korea | Asia | Quant AM | — | ★ Seoul; ML-based platform: robo-advisor engine using ML + asset-allocation algorithms with dynamic rebalancing; Series C ($33.4m, 2021) to develop the… |
+| GCI Asset Management (株式会社GCIアセット・マネジメント) | Japan | Asia | Systematic | — | ★ Tokyo; Public ML/AI signal: firm turned a refurbished Kyoto temple into a big-data / AI research lab (Bloomberg, 2019); markets itself as translating… |
+| Genk Capital | Singapore | Asia | MM/HFT | — | Singapore; none public |
+| Grasshopper | Singapore | Asia | MM/HFT | — | ★ Singapore; Cloud/ML compute — public Google Cloud customer case study describes using cloud CPU/GPU scale-out to develop quant signals and expand ML… |
+| Graviton Research Capital | India | Asia | MM/HFT | — | ★ Gurugram; HPC job ads — public HPC Engineer / ML Researcher postings; in-house high-performance clusters |
+| GSR | Hong Kong | Asia | Crypto MM | — | Hong Kong; execution-only |
 | High-Flyer / DeepSeek | China | Asia | Systematic + ML-native | T3-005/006 | Hangzhou; Fire-Flyer clusters + Ulanqab |
+| Inno Asset Management (因诺资产) | China | Asia | Systematic | — | ★ Beijing; Publicly cited (with Ubiquant) as among first Chinese quants to build out AI teams and compete for AI talent; ~116-person team. No DC/GPU… |
+| iRage (iRageCapital Advisory) | India | Asia | MM/HFT | — | Mumbai; none public |
+| Jinge Liangrui (金戈量锐) | China | Asia | Systematic | — | Ningbo; none public |
 | Lingjun Investment (灵均) | China | Asia | Systematic | — | Beijing |
+| Linitics | Singapore | Asia | MM/HFT | — | Singapore; none public |
+| Longqi Technology (龙旗科技) | China | Asia | Systematic | — | ★ Hangzhou; Job ads for 'AI Lab researcher' / 'AI algorithm engineer' on financial time-series prediction, alpha-factor mining and portfolio… |
 | Minghong (明汯) | China | Asia | Systematic | T3-008 | Shanghai; 1,500 GPU / 400 PFlops |
+| Mingshi Fund (鸣石基金) | China | Asia | Systematic | — | ★ Shanghai; Founder frames strategy around 'AI and continuous innovation'; model system blends linear and non-linear. No DC/GPU disclosure. |
+| Mingshi Investment (Mengxi) (蒙玺投资) | China | Asia | MM/HFT | — | ★ Shanghai; Strongest public compute signal in tier: cumulative ~RMB 200m on GPUs/servers since 2016; relocated its 'Constellation' supercomputer base… |
+| NK Securities Research | India | Asia | MM/HFT | — | ★ Gurugram; self-reported research compute — 'petabyte-scale data infrastructure and millions of compute cores' for research/backtesting |
+| Open Futures | India | Asia | MM/HFT | — | Delhi / Gurugram; execution-only |
+| Optimus Prime Securities and Research | India | Asia | Systematic | — | Bengaluru; none public |
+| Ortus Capital Management | Hong Kong | Asia | Systematic | — | Hong Kong; none public |
+| Qilin Investment (启林投资) | China | Asia | ML-native | — | ★ Shanghai; Self-describes as focused on 'AI quantitative investment'; stock model uses 10,000+ factors incl. alternative data (order-book, sentiment,… |
+| Qraft Technologies (크래프트테크놀로지스) | South Korea | Asia | ML-native | — | ★ Seoul; Explicitly ML/deep-learning-first: proprietary deep-neural-net stock-selection engine (built with LG AI Research), Kirin API data pipeline,… |
+| Quadeye Securities | India | Asia | MM/HFT | — | Gurugram; none public |
+| Quantbox Research | India | Asia | MM/HFT | — | Mumbai; none public (systematic-alpha / AI-ML stated, no DC/GPU disclosure) |
+| Quantedge Capital | Singapore | Asia | Systematic | — | Singapore; none public |
+| QuantPi (Liangpai Investment) (量派投资) | China | Asia | Systematic | — | ★ Shanghai; Runs 'Tidal Plan' training program citing an in-house full-stack system and 'massive data support'; recruits quant + AI talent. No DC… |
+| Simplex Asset Management (シンプレクス・アセット・マネジメント株式会社) | Japan | Asia | Systematic | — | Tokyo; none public |
+| Timefolio Asset Management (타임폴리오자산운용) | South Korea | Asia | Multi-mgr | — | Seoul; none public |
 | Ubiquant (九坤) | China | Asia | Systematic | T3-007 | Beijing; Bei Ming cluster |
+| Wanyan Asset Management (顽岩资产) | China | Asia | MM/HFT | — | ★ Shanghai; Describes math + AI as core tech; ultra-high-frequency futures origin. No public DC/GPU figures. |
+| Wenbo Investment (稳博投资) | China | Asia | Systematic | — | Shanghai; none public |
 | Yanfu (衍复) | China | Asia | Systematic | — | Shanghai |
-| Amber Group | Singapore | Asia | Crypto MM | — | Singapore/HK; crypto, in scope |
+| Zhuoshi Private Fund (卓识私募基金) | China | Asia | MM/HFT | — | ★ Beijing; Self-describes proprietary low-latency trading system for fully-automated algorithmic trading; index-enhancement focus. Latency-first; no… |
+| Abu Dhabi Investment Authority (ADIA) — Quantitative R&D (جهاز أبوظبي للاستثمار) | United Arab Emirates | Middle East | Systematic | — | ★ Abu Dhabi; high-performance & quantum computing named in mandate; runs ADIA Lab (data science / ML / HPC research), but no public… |
+| Algoz | Israel | Middle East | Crypto MM | — | Ra'anana; execution-only (proprietary non-custodial execution tech 'Quant Pro'; crypto-derivative strategies) |
+| Barak Capital (ברק קפיטל) | Israel | Middle East | MM/HFT | — | Tel Aviv; execution-only (in-house latency-sensitive market-making system since 2010; microsecond execution claimed) |
+| Continuum Capital Management | United Arab Emirates | Middle East | Systematic | — | ★ Abu Dhabi; press notes investment in localized data centers / AI-driven execution engines; nothing primary/confirmed |
+| Deep Edge Fund | Israel | Middle East | ML-native | — | Tel Aviv; none public (self-describes ML-driven medium-frequency strategies; no DC/GPU disclosure) |
+| Efficient Frontier | Israel | Middle East | Crypto MM | — | Tel Aviv; execution-only (algorithmic crypto market-making across CEX/DEX; no DC/GPU disclosure) |
+| Final (פיינל) | Israel | Middle East | MM/HFT | — | ★ Herzliya; ML-based HFT platform per own site; hires for high-performance data infrastructure roles, but no public DC/GPU disclosure |
+| Muwazana Financial (موازنة) | Saudi Arabia | Middle East | MM/HFT | — | Riyadh; execution-only (self-describes proprietary low-latency trading engine + 'best-in-class computing environment'; no DC/GPU disclosure) |
+| Epoch Capital | Australia | Oceania | Systematic | — | Sydney; none public |
+| Nine Mile Financial | Australia | Oceania | MM/HFT | — | Sydney; execution-only |
+| Tibra Capital | Australia | Oceania | MM/HFT | — | Austinmer (Wollongong region), NSW; execution-only |
+| VivCourt Trading (Vivienne Court) | Australia | Oceania | MM/HFT | — | Sydney; execution-only |
+| Giant Steps Capital (Giant Steps Capital (ex-Visia Investimentos)) | Brazil | South America | Systematic | — | Sao Paulo; none public |
+| Kadima Asset Management | Brazil | South America | Systematic | — | Rio de Janeiro; none public |
+| Murano Investimentos | Brazil | South America | Systematic | — | Rio de Janeiro; none public |
+| PRACK Asset Management | Argentina | South America | Systematic | — | Buenos Aires; none public |
 
 ## Scope decisions (locked 2026-07-05)
 
@@ -97,7 +180,25 @@ that's recorded as the finding.
 3. **Separate legal entities** — kept split (Citadel LLC vs Citadel
    Securities, DRW vs Cumberland).
 4. **China depth** — the ≥¥10bn "big tier" (~15–18 firms).
-5. **Regional gaps** — India, Japan/Korea, and the Middle East are in scope;
-   being enumerated. Rows land as the regional research completes.
+5. **Regional gaps** — India, Japan/Korea, and the Middle East added; the
+   sweep also picked up Western gaps (TGS, Schonfeld, Walleye, RSJ, Da Vinci…)
+   and a rest-of-world pass (Australia, Brazil, Argentina, Singapore, HK).
+
+## Where the universe stands (137 firms)
+
+- **By continent:** North America 52 · Asia 46 · Europe 23 · Middle East 8 ·
+  Oceania 4 · South America 4.
+- **By firm_type:** MM/HFT 55 · Systematic 50 · Multi-mgr 10 · ML-native 9 ·
+  Crypto MM 7 · Quant AM 5.
+- **`★` = 36 firms** with a public compute/GPU/DC signal already visible — the
+  natural front of the research queue. Standouts: Mengxi (蒙玺, ~¥200m GPU
+  spend), Castle Ridge ("WALLACE" supercomputer), Qraft, Graviton (HPC ads),
+  NK Securities (petabyte infra), ADIA Lab (HPC + quantum), GCI (Kyoto-temple
+  data centre).
+
+### To prune if you want a tighter universe
+
+The Western-gap and rest-of-world passes were proactive (beyond the three
+regions named). Easy to drop if out of scope: Oceania (4), South America (4),
+and the long tail of execution-only market makers. Say the word.
 
-_Table above is being extended with the enumerated regional firms._