392:"approximately 26% of U.S. equities volume" and "executes approximately 47% of all U.S.-listed retail volume, and acts as a specialist or market-maker with respect to 99% of traded volume in 3,000 U.S.-listed options names." In March, Citadel agreed to a censure by FINRA and a $ 275,000 fine for improperly reporting nearly 500,000 Treasury transactions between 2017 and 2019, revealing a systemic failure in Citadel's compliance systems.
276:, one of the most commonly traded derivatives. Analysts of U.S. financial markets have been critical of the SEC's decision to exclude Citadel Securities from its 2014, Regulation Systems Compliance and Integrity (Reg SCI) regulatory regime designed to make U.S. securities markets safer for investors; both Citadel and the SEC declined to comment on Citadel's being exempted from complying with this rule.
34:
132:
426:, one of the main short sellers involved in the GameStop short squeeze. Because Ken Griffin, the CEO and majority shareholder of Citadel, was said to own 85% of Citadel Securities, there were concerns that the market maker's interests might align with the interests of those shorting GameStop to the detriment of those long GameStop. Griffin denied any wrongdoing.
342:, and failing to offer its clients best prices on the bid-ask spread. Citadel Securities was fined $ 700,000 by FINRA in July for trading ahead of customer orders. They delayed certain equity orders from clients to buy or sell shares while continuing to trade the same stocks in its own account as part of its market-making activities, according to FINRA.
403:'s dominance in the online retail marketplace, another market analyst described Citadel's rise as "the Amazonization of listed markets", a phenomenon he characterized as "very dangerous, not because there are no other players, but because over time it weakens the other players that could be competitive. It's the essence of concentration risk."
499:. The SEC found that, between 2015 and 2020, Citadel Securities mismarked millions of sell orders due to a coding error in their automated trading system, obstructing regulatory oversight. The firm agreed to a settlement by consenting to a $ 7 million penalty, without admitting or denying the findings.
284:
orders were removed from its automated trading processes, rendering the orders "inactive" so that they had to be handled manually by human traders. Citadel
Securities then "traded for its own account on the same side of the market at prices that would have satisfied the orders," without immediately
391:
suggested that the systematic importance of
Citadel Securities might ultimately pose a threat to the U.S. financial system. This point also emerged on several occasions during the March 17 hearing by the House Financial Services, with experts observing that Citadel Securities claims to trade
399:, raised further concerns about Citadel's dominant market position at a congressional hearing in March, asking: "one firm now has 40% to 50% of the retail order flow, what does that do to pricing of capital in this country? What does it mean to be best execution in this context?" Invoking
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and announced plans to launch US fixed income offerings there. The firm ended 2022 with its record revenue to date, topping its 2021 record and bringing in $ 7.5 billion. In 2022, the company opened a new office in
279:
In August 2014, Citadel was fined $ 800,000 for irregularities in its trading practices between March 18, 2010, and
January 8, 2013. Over a two-year period until September 2014, hundreds of thousands of large
1460:
606:
264:, who left after eight months "to build an investment bank" and brokerage. By August 2011, Citadel ended its foray into investment banking to instead focus on electronic trading and market making.
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356:. The purchase made it the largest designated market maker (DMM) on the NYSE — overseeing over 1,500 NYSE-listed securities. In the same month, Citadel Securities filed a lawsuit against the
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By 2015 Citadel
Securities had become the world's largest interest-rate-swap trader by number of transactions replacing Wall Street banks. In 2016, the company opened a new office in
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In
November 2021, a U.S. District Court dismissed a class action lawsuit, ruling that investors failed to show collusion between Robinhood and Citadel. In March, Citadel's
414:
have raised concerns about several potential conflicts of interest. These include the relationship between
Citadel Securities, which executes a majority of broker-dealer
321:. In December 2018, Citadel was forced by the SEC to pay $ 3.5 million over violations stemming from incorrect reporting for nearly 80 million trades from 2012 to 2016.
1038:
406:
On May 5, Gensler repeated these concerns in his testimony to the House of
Representatives Financial Services Committee. In light of Citadel Securities' role in the
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638:
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and cryptocurrency investor
Paradigm had made a $ 1.15 billion investment in the firm. The transaction valued Citadel Securities at approximately $ 22 billion.
1647:
553:, about one-third of stock orders from individual investors in 2015 was completed through Citadel, which accounts for about 10 percent of the firm's revenue.
1168:
334:
In 2020, Citadel
Securities was censured by FINRA a total of 19 times for a variety of misconduct, including failing to close failure-to-deliver positions,
1527:
349:, the firm doubled its profit while generating $ 4 billion in revenue during the first half of 2020 due to an increase in volatility and retail trading.
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As of
January 2022, the firm oversaw more than 2,000 listed securities. In August 2022, the firm continued its global expansion with a new office in
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466:. By the end of 2022 Citadel Securities traded in over 35 countries and executed more than 20 percent of all US equity trades. The firm also trades
368:
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357:
286:
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882:
2099:
1631:"Testimony of Dennis M. KelleherPresident and CEO Better Markets, Inc. Before The U.S. House Committee on Financial Services, March 17, 2021"
1127:
997:
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485:
As of February 2023, the Hong Kong based subsidiary of Citadel Securities was designated as a "qualified foreign institutional investor" or
438:
345:
In January 2020, Citadel paid a 670 million-yuan ($ 97 million) settlement for alleged trading irregularities dating from 2015. During the
2154:
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236:. Citadel Securities moved its headquarters from Chicago to Miami with plans to build a new headquarters on Brickell Bay Drive.
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218:
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In June 2023, Citadel Securities became active in corporate debt trading and introduced investment-grade trading to clients.
1021:
300:. In January 2017, Citadel was fined $ 22 million by the SEC for misleading clients regarding the way it priced trades.
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713:
562:
281:
92:
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253:
Citadel Securities was formed in 2002, as a market maker, providing liquidity and trade execution to retail and
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2114:"SEC.gov | SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations"
753:
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arrangements with brokerages such as Robinhood was heavily criticized during Congressional hearings on the
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314:
254:
489:, by the Chinese government, giving the company more access to mainland China's bond and stock markets.
353:
1673:"FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2019061038301"
926:
529:
In 2012, Citadel Securities was noted for providing reliable trading at lower costs and with tighter
2100:"SEC slaps Citadel Securities LLC with $ 7 million fine to settle short selling regulations charges"
1823:
1598:
352:
In October 2020, Citadel Securities announced it would acquire the NYSE market making unit of rival
566:
510:
495:
In September 2023, the SEC initiated legal action against Citadel Securities, citing violations of
437:. Citadel's practice of hiring officials from agencies that regulate it, including the SEC and the
415:
335:
310:
193:
firm providing liquidity and trade execution to retail and institutional clients, headquartered in
1985:
1908:
1881:
1824:"Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy"
1718:
1599:"Congress hears testimony again on GameStop, focusing on the financial plumbing behind the frenzy"
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82:
54:
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1741:"Warren presses Citadel CEO Griffin about relationship with Robinhood, payment for order flow"
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1490:
1393:
1206:"SEC.gov | Citadel Securities Paying $ 22 Million for Misleading Clients About Pricing Trades"
1160:
1069:
1030:
966:
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761:
663:
346:
1386:"WSJ News Exclusive | Citadel Securities to Buy NYSE Market-Making Unit of Smaller Rival IMC"
2153:
1935:
1769:"Citadel billionaire Ken Griffin defends Melvin stake against 'an insane conspiracy theory'"
919:
471:
467:
411:
400:
210:
198:
1284:
2026:"WSJ News Exclusive | Citadel Posts Record Revenues for Hedge-Fund, Securities Operations"
1913:
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679:
Miami Global Headquarters Southeast Financial Center 200 S. Biscayne Blvd. Miami, FL 33131
573:
44:
1230:"Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders"
521:
to support the expansion, and named Paris as the firm's trading hub for European rates.
422:
relationship, and Citadel the asset manager, which provided a $ 2 billion investment in
33:
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1800:
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540:
507:
496:
423:
305:
153:
96:
449:, has also been widely observed and attracted concerns about conflicts of interest.
2341:
1205:
1159:. No. MARKETS. United States: Wall Street Journal. Dow Jones & Company Inc.
1029:. No. Markets. United States: Wall Street Journal. Dow Jones & Company Inc.
388:
261:
2241:
955:
2306:"Citadel Securities, a top trading firm, sells a stake to Silicon Valley investors"
2162:. Chicago, IL, United States: Crain's Chicago Business. Crain Communications, Inc.
446:
442:
396:
339:
232:, although both were founded and are majority owned by American hedge fund manager
190:
2113:
1453:"Citadel Securities to buy NYSE market-making unit of rival IMC Financial Markets"
1962:"Citadel Securities continues global expansion with new Tokyo office - The TRADE"
229:
20:
1648:"FINRA fines Citadel Securities for multiple issues with transaction reporting"
544:
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1835:
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260:
In 2008, Citadel Securities hired 70 people and Rohit D'Souza, a banker from
372:
318:
297:
237:
119:
475:
338:, inaccurate reporting of short sale indicators, executing trades during
214:
2050:"Citadel Securities Wins Wider Access to Chinese Stock and Bond Markets"
1907:
Aliaj, Ortenca; Wigglesworth, Robin; Fletcher, Laurence (7 April 2021).
1882:"Ex-CFTC chair joins Citadel Securities 27 days after leaving regulator"
901:"Citadel's Griffin details firm's role in trading during GameStop rally"
639:"Griffin's Citadel Seen Behind Record $ 363 Million Miami Land Purchase"
572:
In January 2022, Citadel Securities announced that venture capital firm
285:
filling the inactive orders at the same or better prices as required by
802:"Crime and Taxes Could Drive a Trillion-Dollar Industry Out of Chicago"
513:. Citadel Securities grew its existing 120-person global rates team in
313:'s revenues were derived from selling customer orders to firms such as
1856:"Citadel's Ken Griffin Adds to Hires From a Preferred Locale: the SEC"
1719:"Gensler raises concern about market influence of Citadel Securities"
514:
293:
206:
2330:
1095:"Citadel fined $ 800,000 by U.S. regulators for trading violations"
820:"Citadel, Sterling Bay part ways on planned waterfront Miami tower"
787:"'The Citadel migration' shaking up Miami's luxury property market"
754:"A Shadowy but Powerful Wall St. Firm Has Its Moment in Washington"
735:"Citadel Securities to buy rival IMC's NYSE market making business"
623:"Citadel Securities Revenue Reaches $ 2.3 Billion in First Quarter"
2000:"Citadel Securities Ramps Up China Presence When Others Cut Costs"
1549:"Citadel Securities Ramps Up China Presence When Others Cut Costs"
1192:"Citadel Picks Less Than 0.3% of Applicants for Sydney Internship"
596:"Ken Griffin's Hand-Picked Math Prodigy Runs Market-Making Empire"
518:
463:
458:
360:
over the SEC's decision to approve a new "D-Limit" order type for
202:
194:
2139:"Citadel Securities Kicks Off Trading in European Rates Markets"
1773:
1483:"Citadel Securities Sues SEC for Approving New Stock-Order Type"
1302:"Citadel Securities Fined by Finra for Trading Ahead of Clients"
1062:"S.E.C. Rules to Protect Investors From Cyberthreats Fall Short"
503:
167:
1937:"Griffin Sets Citadel Securities on IPO Path With Tech Backers"
1327:"Citadel Securities Agrees to $ 97 Million Settlement in China"
1260:"Citadel Securities Among Firms Fined Over Trading Data Errors"
240:, who joined the company in 2006, has been the CEO since 2017.
361:
1574:"Citadel 'May Pose a Systemic Threat,' Waters Says - WSJ.com"
1353:"Citadel Securities Doubled Profit as Dominance Grew in 2020"
865:"Citadel Securities hires ex-SEC official as general counsel"
395:
That same month, President Biden's nominee for SEC Chairman,
2074:"Citadel Securities Is Muscling Its Way Into Credit Trading"
1423:"Citadel Securities to buy NYSE market-making unit from IMC"
714:"Citadel Securities to buy NYSE market-making unit from IMC"
228:
Citadel Securities is a separate entity from the hedge fund
1120:"US regulator fines Citadel Securities over trading breach"
637:
Gordon, Amanda; Tan, Gillian; Maloney, Tom (28 June 2022).
850:"For its next CEO, Citadel Securities turns to a veteran"
272:
In 2014, the firm expanded its market-making offering to
2284:"Citadel Securities to Receive First Outside Investment"
2282:
Lombardo, Cara; Osipovich, Alexander (11 January 2022).
1796:"Robinhood, Citadel Win Dismissal of Meme-Stock Lawsuit"
953:
Zuckerman, Gregory; Checkler, Joseph (30 October 2009).
835:"Here are South Florida's biggest office leases of 2023"
19:
This article is about market maker. For hedge fund, see
1717:
Platt & Silverman, Eric & Gary (May 5, 2021).
2214:"Citadel's Ken Griffin Leaves 2008 Tumble Far Behind"
1794:
Doherty, Katherine; Massa, Annie (18 November 2021).
1149:
Zuckerman, Gregory; Cherney, Mike (2 December 2015).
1351:
Maloney, Tom; Bakewell, Sally (September 25, 2020).
620:
Seligson, Paula; Doherty, Katherine (May 15, 2024).
883:"Citadel 'May Pose a Systemic Threat,' Waters Says"
221:. It is the largest designated market maker on the
162:
152:
142:
126:
113:
103:
88:
78:
60:
50:
40:
2240:
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1020:
954:
621:
594:
2348:Financial services companies of the United States
2195:"Exclusive: Who Makes Money on Your Stock Trades"
1285:"FINRA BrokerCheck Report Citadel Securities LLC"
1022:"Citadel to Offer Trading in Interest-Rate Swaps"
693:"Citadel Securities Could Become a Crypto Player"
2358:Financial services companies established in 2002
2304:; de la Merced, Michael J. (11 January 2022).
2251:. United States. Dow Jones & Company Inc.
1734:
1732:
956:"Citadel Opens Its 'Gates' on Better Results"
8:
2137:Atkins, Alice; Gupta, Kriti (11 June 2024).
1909:"How Ken Griffin rebuilt Citadel's ramparts"
26:
2242:"U.S. Moves to Regulate Derivatives Trade"
752:Phillips, Matt; Kelly, Kate (2021-02-18).
729:
727:
561:In 2009, Citadel Investment Group and the
539:ranked Citadel Securities #1 in providing
371:and dollar interest rate swap products in
367:In 2020, Citadel Securities began selling
32:
25:
1762:
1760:
1687:
1685:
2239:Lynch, Sarah; Ng, Serena (14 May 2009).
1157:The Wall Street Journal. Eastern Edition
1152:"Wall Street Goes Short on Bond Traders"
1027:The Wall Street Journal. Eastern Edition
502:In June 2024, the company began trading
2024:Osipovich, Juliet Chung and Alexander.
1693:"Citadel Securities Gets the Spotlight"
977:from the original on December 17, 2019.
942:from the original on December 14, 2019.
585:
2263:from the original on December 18, 2019
2174:from the original on December 14, 2019
1934:Doherty, Katherine (11 January 2022).
1171:from the original on December 17, 2019
1130:from the original on December 20, 2020
990:"Citadel abandons plan to rival banks"
921:"Citadel gets slow start in i-banking"
2155:"Citadel's big move into the markets"
1950:from the original on 11 January 2022.
1530:from the original on October 22, 2020
1501:from the original on October 22, 2020
1433:from the original on October 12, 2020
1240:from the original on January 19, 2019
1041:from the original on January 10, 2018
1000:from the original on January 27, 2020
708:
706:
547:and non-S&P shares. According to
7:
1463:from the original on October 9, 2020
1404:from the original on October 9, 2020
1365:from the original on October 7, 2020
1190:Yilun Chen, Lulu (1 December 2023).
1118:Henderson, Richard (July 20, 2020).
2098:Cox, Chelsey (September 22, 2023).
1481:Osipovich, Alexander (2020-10-17).
1384:Osipovich, Alexander (2020-10-08).
833:Dinkova, Lidia (26 December 2023).
800:Fabbro, Rocio (19 September 2023).
1060:Morgenson, Gretchen (2017-09-22).
593:Doherty, Katherine (11 May 2023).
358:Securities and Exchange Commission
14:
1739:Fitzgerald, Maggie (2021-02-18).
609:from the original on 13 May 2023.
441:, as well its relationships with
2152:Marek, Lynne (13 October 2012).
1019:Albanese, Chiara (6 June 2014).
918:Marek, Lynne (6 November 2010).
848:Marek, Lynne (30 January 2017).
131:
130:
2363:2002 establishments in Illinois
988:McCrum, Dan (August 11, 2011).
822:. The Real Deal. 10 April 2023.
804:. The Messenger. Archived from
178:Footnotes / references
158:Citadel Enterprise Americas LLC
863:Bullock, Nicole (2017-04-04).
1:
1822:Phillips, Matt (2021-03-17).
1597:Phillips, Matt (2021-03-17).
1520:"Citadel Securities sues SEC"
569:electronic-trading platform.
2212:Copeland, Rob (2015-08-04).
1880:Rennison, Joe (April 2021).
1093:McCrank, John (2014-08-05).
852:. Crain's Chicago Business.
563:Chicago Mercantile Exchange
410:event, individuals such as
66:; 22 years ago
16:American market making firm
2379:
1427:Pensions & Investments
718:Pensions & Investments
664:"About Citadel Securities"
93:Southeast Financial Center
18:
176:
31:
2353:Companies based in Miami
1767:Son, Hugh (2021-02-19).
1524:Crain's Chicago Business
412:Senator Elizabeth Warren
385:House Financial Services
2288:The Wall Street Journal
2248:The Wall Street Journal
2160:Crains Chicago Business
962:The Wall Street Journal
550:the Wall Street Journal
223:New York Stock Exchange
197:. The firm also trades
1451:Osipovich, Alexander.
602:Bloomberg Businessweek
565:partnered to create a
543:for investors in both
435:GameStop short squeeze
431:payment-for-order-flow
420:payment-for-order-flow
408:GameStop short squeeze
187:Citadel Securities LLC
27:Citadel Securities LLC
785:Darbyshire, Madison.
340:circuit-breaker halts
309:reported that 40% of
255:institutional clients
1966:www.thetradenews.com
1236:. October 15, 2018.
927:Crain Communications
808:on October 11, 2023.
567:credit default swaps
418:'s trades through a
347:coronavirus pandemic
319:Two Sigma Securities
2302:Ross Sorkin, Andrew
2218:Wall Street Journal
1487:Wall Street Journal
1390:Wall Street Journal
511:interest-rate swaps
336:naked short selling
274:interest rate swaps
144:Number of employees
28:
2311:The New York Times
1828:The New York Times
1603:The New York Times
1066:The New York Times
789:. Financial Times.
758:The New York Times
668:Citadel Securities
383:In February 2021,
315:Citadel Securities
234:Kenneth C. Griffin
83:Kenneth C. Griffin
55:Financial services
1988:. 5 January 2023.
643:www.bloomberg.com
626:. Bloomberg News.
541:price improvement
303:In October 2018,
184:
183:
168:citadelsecurities
148:1,600 (2023)
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2331:Official website
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837:. The Real Deal.
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