The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: SAL Trading, LLC
Address: 1201 N. Orange Street
Suite 715
Wilmington , DE19801
Form 13F File Number: 028-21986

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Robert Sack
Title: Treasurer
Phone: 610-617-2600
Signature, Place, and Date of Signing:
Robert Sack BALA CYNWYD , PA 04-18-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 50
Form 13F Information Table Value Total: 429,964
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABB LTD SPONSORED ADR 000375204 11,723 362,500 SH Put DFND 0 0 0
ABB LTD SPONSORED ADR 000375204 2,024 62,600 SH Call DFND 0 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 1,729 54,000 SH Put DFND 0 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 423 13,200 SH Call DFND 0 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 49,560 74,200 SH Put DFND 0 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 16,899 25,300 SH Call DFND 0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 2,368 35,700 SH DFND 35,700 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 2,309 34,400 SH Put DFND 0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 2,685 40,000 SH Call DFND 0 0 0
BANCO SANTANDER S.A. ADR 05964H105 307 90,900 SH Put DFND 0 0 0
BARCLAYS PLC ADR 06738E204 4,520 572,100 SH Put DFND 0 0 0
BARCLAYS PLC ADR 06738E204 611 77,400 SH Call DFND 0 0 0
BHP GROUP LTD SPONSORED ADS 088606108 1,360 17,600 SH Put DFND 0 0 0
BHP GROUP LTD SPONSORED ADS 088606108 31,881 412,700 SH Call DFND 0 0 0
BP PLC SPONSORED ADR 055622104 9,391 319,422 SH DFND 319,422 0 0
BP PLC SPONSORED ADR 055622104 376 12,800 SH Put DFND 0 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 3,331 79,000 SH Put DFND 0 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 365 46,500 SH Put DFND 0 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 305 38,800 SH Call DFND 0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 157 12,400 SH Put DFND 0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 802 63,400 SH Call DFND 0 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,580 12,700 SH Put DFND 0 0 0
ENI S P A SPONSORED ADR 26874R108 1,073 36,700 SH Put DFND 0 0 0
ERICSSON ADR B SEK 10 294821608 1,950 213,400 SH Put DFND 0 0 0
ERICSSON ADR B SEK 10 294821608 686 75,000 SH Call DFND 0 0 0
FERRARI N V COM N3167Y103 1,025 4,700 SH Put DFND 0 0 0
FRONTLINE LTD SHS NEW G3682E192 264 30,000 SH Call DFND 0 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1,649 48,200 SH Call DFND 0 0 0
KONINKLIJKE PHILIPS N V NY REGIS SHS NEW 500472303 5,895 193,100 SH Call DFND 0 0 0
LINDE PLC SHS G5494J103 29,675 92,900 SH Put DFND 0 0 0
LINDE PLC SHS G5494J103 4,472 14,000 SH Call DFND 0 0 0
NOKIA CORP SPONSORED ADR 654902204 106,646 19,532,257 SH DFND 19,532,257 0 0
NOVARTIS AG SPONSORED ADR 66987V109 13,670 155,783 SH DFND 155,783 0 0
NOVARTIS AG SPONSORED ADR 66987V109 20,498 233,600 SH Put DFND 0 0 0
NOVO-NORDISK A S ADR 670100205 5,986 53,900 SH DFND 53,900 0 0
PEARSON PLC SPONSORED ADR 705015105 553 55,500 SH Call DFND 0 0 0
RIO TINTO PLC SPONSORED ADR 767204100 5,242 65,200 SH Put DFND 0 0 0
RIO TINTO PLC SPONSORED ADR 767204100 10,597 131,800 SH Call DFND 0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 5,347 61,378 SH DFND 61,378 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 8,512 97,700 SH Put DFND 0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 619 7,100 SH Call DFND 0 0 0
SANOFI SPONSORED ADR 80105N105 5,463 106,400 SH Put DFND 0 0 0
SAP SE SPON ADR 803054204 699 6,300 SH Put DFND 0 0 0
SAP SE SPON ADR 803054204 12,250 110,400 SH Call DFND 0 0 0
SHELL PLC SPON ADS 780259305 17,726 322,700 SH Put DFND 0 0 0
SHELL PLC SPON ADS 780259305 21,263 387,100 SH Call DFND 0 0 0
STELLANTIS N.V SHS N82405106 581 35,700 SH DFND 35,700 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109 606 12,000 SH Put DFND 0 0 0
UNILEVER PLC SPON ADR NEW 904767704 1,075 23,600 SH Call DFND 0 0 0
WPP PLC NEW ADR 92937A102 236 3,600 SH Put DFND 0 0 0