Designed to rival the likes of incumbent exchanges Nasdaq and NYSE in the US, Texas Stock Exchange (TXSE) has raised $120 million from around a dozen investors including BlackRock and Citadel Securities in a funding round closed in May.

The new exchange is now setting out plans to file for registration with the US Securities and Exchanges Commission (SEC). First reported by Wall Street Journal, TXSE is aiming for a launch at the start of 2025 and host its first listing in 2026.

The TRADE understands that BlackRock has taken a minority investment.  The move comes as part of a series of support from BlackRock or new venues in a bid to support the development of the liquidity landscape including Luminex, RFQ Hub and Members Exchange (MEMX).

“BlackRock is proud to be a founding investor in the Texas Stock Exchange to increase liquidity and improve market efficiency for BlackRock’s clients and other investors in the US capital markets,” said a BlackRock spokesperson.

“TXSE is well positioned to capitalise on the Texas economy and strength of the state’s business environment. We look forward to engaging with the other investors on the benefits of the TXSE’s unique value proposition.”

Citadel Securities had not responded to a request for comment at the time of publishing.

Texas has been noted by market participants as an increasingly significant market in North America and globally, playing host to around 5000 private equity-backed firms and 1500 publicly listed firms.

In an update on social media on Tuesday, chair and chief executive at TXSE James Lee, said: “We are thankful for the support of our more than two dozen investors, including some of the largest financial institutions and liquidity providers in the world, such as BlackRock and Citadel Securities, as well as prominent business leaders from around the country.”

“With approximately $120 million of capital raised, TXSE is expected to be the most well-capitalised exchange entrant to file a registration with the US Securities and Exchange Commission.”

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The changes came as a result of increased operational complexity stemming from the previously reported merger of Credit Suisse by UBS, which has been documented extensively by The TRADE over the past year.

UBS agreed to take over Credit Suisse in a deal which moved forward without the approval of shareholders, under emergency ordinance issued by the Swiss Federal Council. At the time, the Swiss National Bank said that the takeover provided a solution “to secure financial stability and protect the Swiss economy in this exceptional situation”. 

Following the takeover, UBS’ electronic trading responsibility was split into two distinct parts, with Chris Marsh continuing to be responsible for the electronic trading product and Mark Goodman assuming the role of head of electronic trading. Elsewhere, UBS made several other role changes, including Srichakri Adhikarapatti taking responsibility of the Central Risk Book (CRB) – a critical part of the execution services business, as well as joining the Execution Services Management Forum (ESMF). Zain Nizami, global head of cash equity trading, also joined ESMF as well as having oversight of CRB risk.

6. SIX head of equities departs for Citadel Securities

Another people move made our top 10 most read stories this year, with SIX’s head of equities, Adam Matuszewski, resigning from the exchange group after over 10 years to take up a new role at Citadel Securities.

Adam Matuszewski

Based in London, Matuszewski joined the market maker as its new head of business development for EMEA. He spent the last ten and a half years at SIX in equities focused roles, originally joining the exchange in 2013 in a trainee product management role for equities. Since his initial role, Matuszewski rose up through the ranks going on to become product manager for equities, senior product manager and finally head of the asset class.

Matuszewski filled in a gap left by Matteo Balladori, who The TRADE revealed had left Citadel after nearly six years to join Nasdaq European Markets as a senior sales director. Prior to joining Citadel Securities, Balladori served at the London Stock Exchange in its secondary market division for almost two years.

5. Northern Trust promotes from within for new head of global foreign exchange

Our fifth most read story of the year was, once again, a change in personnel. This time being the internal promotion from Northern Trust for its new head of global foreign exchange within its capital markets business.

Dane Fannin was named global head of global foreign exchange (GFX) and securities finance. In his new role, he became responsible for innovation and business growth across Northern Trust’s suite of GFX and securities finance solutions. Fannin took up the role after spending the last 17 years at Northern Trust within its capital markets business in Asia Pacific and London, most recently as its global head of securities finance. He originally joined the bank in 2006 in a securities lending role.

Northern Trust has made a string of key appointments over the last year including Guido Baltussen, who was appointed international head of quantitative strategies at Northern Trust Asset Management, a newly created role in which he oversees EMEA and APAC. In this role, Baltussen focuses on quantitative research and innovation, thought leadership, and investment strategy, leveraging his extensive factor investing expertise. Elsewhere, former Morgan Stanley and Credit Suisse alumnus, Sonia Davies, joined Northern Trust as senior vice president of Integrated Trading Solutions, the firm’s outsourced trading business. She joined Northern Trust from Software-as-a-Service provider, Enfusion, where she served as EMEA head of partnerships and alliances.

More recently, Northern Trust tapped a 22-year BlackRock alumnus to become the new president of its asset management division. Daniel Gamba joined Northern Trust Asset Management (NTAM) as president, joining the asset manager after over two decades with BlackRock, most recently as its co-head of fundamental equities.

The post The TRADE’s most read stories of the year part two: A string of leadership changes appeared first on The TRADE.

Matteo Balladori has joined Nasdaq European Markets in its European equities sales team based in London after nearly six years at Citadel Securities. In his new role at Nasdaq, he will be responsible for European and London-based clients.

Prior to joining Citadel Securities, he served at the London Stock Exchange in its secondary market division for almost two years.

“I am thrilled with the arrival of Matteo who brings a wealth of experience and market structure knowledge to further enhance the team,” Julian Butterworth, head of sales at Nasdaq European Markets told The TRADE.

The appointment follows news last week that SIX’s former head of equities Adam Matuszewski was set to leave the exchange group to join Citadel Securities in London, as revealed by The TRADE. Matuszewski assumes the former role held by Balladori.

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Drew Vincent is set to join TD Cowen in an execution services role following almost 15 years at Credit Suisse. During his tenure, Vincent held various positions across Credit Suisse, most recently as head of AES sales trading, based in London. He also worked on the client coverage team of Credit Suisse’s agency electronic trading platform, Europe, focused on bespoke execution consulting and strategies. In his most recent position, Vincent led a team of sales traders, overseeing the restructured coverage in the aftermath of Brexit, as well as managing the review and deployment of algorithms and implementing T-1 related changes for business operations.

Aquis exchange chief operating officer Jonathan Clelland is set to depart next April, with chief revenue officer and head of Aquis Markets David Stevens appointed to replace him. Prior to joining Aquis, Clelland was chief operating officer at HSBC Investment Bank corporate finance division and of Shearman & Sterling in London. Clelland will remain as a special advisor in order to “ensure a smooth transition”. Stevens joined Aquis in 2021 and had previously held various senior roles across financial services and technology. His past positions included chief executive of foreign exchange broker Global Reach Group, as well as senior roles at Investment Technology Group, JP Morgan and Goldman Sachs.

Twelve individuals were appointed to lead UBS’ business across various areas as it restructures its operations. In the vertical global product pillars, Adrian Bracher was appointed to lead macro structured solutions (rates and FX), having joined UBS this month. Ramzi Issa was named structured credit and sustainable credit products lead, joining the business in November, as is Julien Bieren, soon to lead equity structured solutions. Also in the vertical restructure is Guilio Alfinito, appointed to lead QIS structuring, and Richard Walters, new lead of fund derivatives and structured finance solutions. Under the horizontal set-up, Romain Barba will join the business in November toco-lead APAC structuring alongside Ahmad Chaudry, while Chris Cook will head up Americas structuring. In addition, Erica Yeu will lead wealth management solutions, while Ahmad Chaudry leads wrapping solutions and Hannah Vinci oversees strategic products. Spyros Mesomeris, in addition to his global role, will head up EMEA structuring.

Investec named Paul Moss as its newest equity sales trader following three and a half years at Goldman Sachs. Moss has an established focus on global emerging markets, having worked across various jurisdictions within his roles. He has held various positions across the industry, most recently as CEEMEA (Central Europe, Middle East, and Africa) equity sales trader at Goldman Sachs. Before that we worked in a range of roles at Citi, most recently as pan Asia equity sales trader.

Instinet appointed Christopher Brown as executive director, latency sensitive electronic trading (LSET). Brown joined from JP Morgan where he spent nearly four years as executive director of quantitative investment strategies (QIS). Prior to that, Brown spent almost 3 years at Citi as director of systemic and quant trading solutions. Before joining Citi, Brown served as director, autobahn equity sales and trading, low latency DMA at Deutsche Bank. Elsewhere in his career, Brown held senior position at FIX Protocol, Chi-East and Instinet – the latter being his first tenure at the firm in 2009.

MUFG appointed Daniel Sbroocca in a credit trading position, joining from BNP Paribas where he spent almost nine years. While at BNP Paribas, Sbrocca most recently served as an emerging markets credit trader – a position he held for two years. Previously, Sbrocca held an emerging markets credit sales position at the firm. Elsewhere in his tenure at BNP Parabis, Sbrocca served in a corporate rates sales role for Northern Europe.

Wells Fargo appointed Jon Thorne as senior securities sales trading specialist, joining from Credit Suisse, where he spent 13 and a half years. Most recently, Thorne served as a listed sales trader – a position he held for almost 11 years. Elsewhere during his tenure at Credit Suisse, Thorne worked in a FX and futures execution position as well as a FX prime brokerage role. Before joining Credit Suisse, Thorne held an eFX and prime brokerage FX position at Commerzbank AG. Prior to that, he held the same role at Dresdner Kleinwort.

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Perhaps one of the biggest stories to break at The TRADE this year was the departure of industry legend Dr Robert Barnes from his role as chief executive officer of the London Stock Exchange Group’s Turquoise.

Announced on the eve of Leaders in Trading 2023 on 2 November, Barnes’ departure was followed by his being named as The TRADE’s first Industry Person of the Year in a live vote on the night. Upon collecting the award, he received a standing ovation from the room after giving an impromptu but inspirational speech.

Barnes departs from LSEG’s MTF at the end of this year after serving as its chief executive officer for the last nine years. He joined in 2013 to replace Natan Tiefenbrun following his departure for Bank of America Merrill Lynch. Previously, Barnes was the founding CEO of UBS MTF. Under his tutelage, UBS MTF became the largest dark MTF in Europe, competing against fellow leading venue the CXE dark pool, operated by BATS Chi-X Europe. He also previously sat on the Securities Trading Committee for the London Investment Banking Association, serving as chairman from 2004-2009.

It is not yet known where his next move will be or who will replace him. Scott Bradley was also announced as a departure from the London Stock Exchange Group (LSEG) as the trading venue looks to simplify its leadership across asset classes.

The TRADE is renowned for its people moves page and so it’s no surprise that up next up in our most read stories for 2022 was the news that hedge fund Millennium had selected a former Morgan Stanley executive, Grant McAllen, to take on a new trading role in June.

McAllen joined the hedge fund after most recently serving at Morgan Stanley for the last eight years as part of its MSET – Morgan Stanley Electronic Trading – platform. Prior to joining Morgan Stanley in 2014, McAllen spent three and a half years at Barclays Capital in a client onboarding and equities trading services role and a year at Instinet and Fidessa in FIX connectivity-focused roles.

At number eight in The TRADE’s most read stories for this year was the announcement in January that BNP Paribas had completed its transfer of Deutsche Bank’s global prime finance and electronic equities business two and a half years after agreeing the deal.

BNP Paribas agreed to take on Deutsche Bank’s clients in July 2019 after the German institution confirmed it would exit equities sales and trading and prime finance in a major restructure. Almost $200 billion of assets was expected to move to BNP Paribas as part of the deal.

The combined unit – along with the referral of clients from Credit Suisse – was predicted to proposal the bank into the top tier of prime brokers: alongside the likes of Goldman Sachs, JP Morgan and Morgan Stanley. In November 2021, Credit Suisse signed a referral agreement with the French bank for its prime services and derivatives clearing customers following its exit from the business stemming from the Archegos debacle.

Market maker Citadel Securities took the number seven spot for most read stories at The TRADE in 2022, with the news that it had forked out $2.6 billion in 2020 and 2021 for payment for order flow (PFOF) annually.

According to 606 reports gathered by the US’ Securities and Exchanges Commission (SEC), Citadel Securities spent the most on PFOF, following by Susquehanna (G1X global execution brokers), which spent a $1.5 billion and Virtu which spent $654 million in the same period.

The story proved to be a timely one as regulators across the globe have begun to pay more attention to the practice following lobbying from participants throughout the course of this year. It’s proved a contentious subject globally, with regulators in Europe and the US exploring the possibility of limiting the practice as some claim it does not channel flow – much of it coming from the mushrooming retail segment – based on best execution.

While the US looks like it is no longer planning to place a blanket ban on PFOF, the proposed limit of the practice is still very much on the table in the UK and Europe. How this plays out remains to be seen.

Check back in tomorrow for our most read stories of the year from six through to four.

The post The TRADE’s most read stories of the year part one: Major departures and acquisition milestones appeared first on The TRADE.

Citadel Securities

Market-making giant Citadel Securities needs no introduction. It provides liquidity to the market across equities, options, and fixed income, currencies and commodities (FICC). A behemoth of a firm, its automated equities platform trades over 20% of US equities volume. It also executes around 35% of all US-listed retail volume. It claims to be the top liquidity provider on major US options exchanges, representing 99% of traded volume. Citadel Securities has a global presence across 15 offices, with its most recent one opened in Tokyo in august. As part of the launch the firm will offer US fixed income services in Japan for the first time.

It has demonstrated ongoing commitment to alternative sources of liquidity through its Immediate-or-Cancel order (IOC) platform, Citadel Connect, a service which it claims is key as managing risk via off-exchange trading becomes more and more important. As one of the fastest growing sources of off-exchange liquidity in the US equities market the platform provides Citadel Securities’ principal liquidity across 8,000 exchange-listed securities. It has also made several strategic investments in the last year including contributing to a $50 million funding round in institutional credit network, Hidden Road Partners in July.

Flow Traders

Launched in 2004, Flow Traders has been providing liquidity in Exchange Traded Products (ETPs) in Europe for nearly two decades. The firm leverages a global presence with eight offices worldwide. It expanded into foreign exchange (FX) and crypto in 2017 and spot precious metals trading in 2021.

The last year has seen significant development by the market maker, proving itself dedicated to investment both internally and externally to support the development of the market. In 2022, this progress has not stopped, boasting the title of the leading liquidity provider for ETFs on and off exchange in EMEA in its second quarter results.

The firm launched single bond market making in corporate credit and emerging markets sovereigns and its single dealer platform at the end of 2021. Within the same period, it became the first market maker to act as a name disclosed liquidity provider for US high yield corporate, Euro-denominated investment grade and high yield, and emerging market sovereign bonds, as well as contribute streaming prices for US high yield corporate bonds, on MarketAxess’ platform. It also joined forces with Neptune Networks to distribute axes on investment grade and high yield corporate credit, and emerging markets sovereign bonds. Earlier this year, it connected its platform with anonymous credit trading pool, Bloomberg Bridge.

Since its expansion into digital assets, Flow Traders has made several strategic moves and investments to support the development of the crypto and DeFi space, not least with its agreeing to contribute data to the Decentralised Finance (DeFi) data network, Pyth, and its joining TP ICAP’s digital assets platform as a market maker. It also made investments in institutional digital asset platform, Elwood Technologies, crypto start up Sei Labs and institutional DeFi platform, Ondo Finance. 

Hudson River Trading

Armed with maths and computer science degrees, the founders of Hudson River Trading launched algorithmically focused equities trading firm, Hudson River Trading, in 2002. It has since growing into a multi-asset business spanning across the globe. The firm operates a single dealer platform that provides access to its principal liquidity in equities and exchange traded funds and US Treasuries.

It has made several strategic investments and development partnerships within the crypto and Decentralised Finance space in a bid to help its development. These include crypto liquidity protocol, Algofi, Bitcoin and crypto SMA platform, Eaglebrook Advisors, crypto exchange FTX, the Pyth Network, crypto information services provider, The Tie, and DeFi platform, Vertex Protocol. It also supports challenger venue to the incumbent US stock exchanges, MIAX.

Hudson River Trading also agreed to become a market maker on TP ICAP’s Digital Assets Spot platform in March ahead of its launch that is expected later this year. “As an active participant in the crypto markets since 2017, we have witnessed a number of major milestones that have helped pave the way for greater institutional adoption of crypto,” said Brad Vopni, head of Digital Assets at Hudson River Trading. “Together, we will provide a new set of investors with the ability to gain access to this rapidly evolving asset class on a familiar institutional-grade platform.”

Jane Street

Quantitative trading firm Jane Street began with domestic and international ETFs. It now prices and trades more than 5,000 ETFs globally and offers liquidity across equities, bonds, and options.

In 2014, Jane Street moved into equites with the launch of JX, its US single dealer platform. The market maker extended into digital assets in 2017, now offering crypto trading around the clock globally. Also in 2017, the market maker launched its EU and UK single dealer platform, JX-EU, which streams liquidity to trading firms in Europe for equities. Its offering was expanded further with the launch of a digital assets single dealer platform launched in 2018, JCX, and its wholesale market making service for US equities launched in 2019 which trades directly with the largest retail brokerages.

It claims to have traded more than $300 billion with clients in the fixed income markets throughout the course of last year, pricing more than 16,000 bonds on all the major electronic platforms and over the counter (OTC).

Looking outwards, Jane Street has played an instrumental role in several market initiatives in recent years in a bid to address issues with market structure including the launch of member-owned challenger US equites exchange, Members Exchange (MEMX), which it joined the board of investors of in 2020. More recently, the firm joined the Pyth network as a data contributor and became a market maker on TP ICAP’s Digital Asset Spot platform at the end of last year.

XTX Markets

London-based algorithmic trading firm XTX markets was founded in 2015 and offers liquidity across equities, FX, fixed income and the commodities markets.

Despite being a fairly new player in the market, the firm has clawed its way to the top of the league tables, achieving a top three liquidity provider ranking for electronic spot and forwards for seven years in a row and according to a survey by Euromoney, this year it became the largest emerging market FX provider. With offices across New York, Mumbai, Paris and Singapore, it handles $295 billion in daily trading volumes across asset classes.

XTX had its strongest year yet in 2021, taking home £667 million in net profits for the year up from £470 million, according to figures published by the Financial Times.

In April, Hans Buehler was appointed as deputy chief executive officer of the firm, effective from July after spending the last 14 years at JP Morgan across various roles including as global head of equities data analytics, automation and optimisation, as well as global head of equities and securities services quantitative research at the investment bank.

The post Leaders in Trading 2022: Meet the nominees for… Outstanding Alternative Liquidity Provider appeared first on The TRADE.

It follows a whitepaper by the market maker in May last year that suggested a reduction in the minimum quoting increment to a half-penny for tick-constrained stocks could alleviate concerns that exchanges were struggling to compete with off-exchange venues for retail flow. Citadel Securities argued such a reduction for tick-constrained stocks would encourage participants to quote a tighter spread.

However, other participants have made the more drastic suggestion of reducing the increment for all stocks regardless of whether they are tick-constrained, arguing that this creates a level playing field for on- and off-exchange venues.

Citadel Securities’ new whitepaper has instead laid out the argument using public 605 data that even when unconstrained by the one-penny quoting rule, participants on exchanges do not quote or execute at prices that are as good as what can be achieved by wholesalers filling retail orders.

“Proponents claim that exchanges cannot compete with off-exchange venues because of the latter’s ability to execute “in-between the ticks,” whereas exchanges cannot, thus creating an unlevel playing field,” said Citadel Securities in the report. “However, our analysis demonstrates that there is no benefit to smaller tick increments for stocks with spreads wider than a few pennies.”

The market maker added that any changes to quoting increments might not necessarily even result in exchanges offering more competitive pricing.

Citing the SEC’s approval of the NYSE RLP program, Citadel Securities added that widespread sub-penny quoting could lead to negative and unintended consequences including flickering quotes, higher trading costs, reduced liquidity and further fragmentation in the securities markets.

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The market maker due to its dominant market share accounted for around a third of the total market spend on PFOF in 2020 and 2021, followed by Susquehanna (G1X global execution brokers), which spent a $1.5 billion and Virtu which spent $654 million in the same period.

Equities makes up a small portion of PFOF, accounting for around $877.5 million of Citadel Securities’ spend, with $1.7 billion of its $2.6 billion spent on options flow.

Citadel Securities declined to comment. Susquehanna had not responded to a request for comment at the time of publishing.

PFOF is a form of compensation that comes in the form of transferring some of the trading profits from market makers to brokerages in return for directing orders from varying parties to be executed with them.

It’s proved a contentious subject globally, with regulators in Europe and the US exploring the possibility of limiting the practice as some claim it does not channel flow – much of it coming from the mushrooming retail segment – based on best execution.

Presenter of Apple series The Problem, Jon Stewart, has claimed on social media that volumes at competitors Virtu and Citadel Securities exceeded those of the New York Stock Exchange at the start of 2021, boosted by PFOF.

However, according to 606 disclosures, brokers that do charge PFOF set a flat rate that is charged consistently across wholesalers and market makers argue this supports merit-based allocation.

“By charging every wholesaler the same PFOF rate, retail brokers create a level playing field on which wholesalers compete based on the merits of execution quality,” a Virtu spokesperson told The TRADE. “This makes the retail broker’s decision to route more (or less) order flow to a wholesaler based on that wholesaler’s execution quality, the amount of price and size improvement, technology, customer service and operational resiliency―not about how much each wholesaler pays for order flow.”

Virtu has long been a strong advocate of PFOF and has been vocal in its concerns around Europe’s Mifir proposals that sought to prohibit payment for order flow for “high-frequency traders organised as SIs”. Under the changes, venues will instead have to earn retail order flow by publishing competitive pre-trade quotes in yet another move to level the playing field between execution venues.

In comments submitted to regulators, the firm argued that in contrast with the US markets, EU PFOF is non-transparent and therefore does not support best execution. Instead, it advocated better disclosures to ensure fairness including the percentage of brokers’’ flow allocated to a market maker, and brokers’ order routing logic and process for determining best execution.

“While banning PFOF might sound like a simple path forward, we caution that doing so is not simple and risks encouraging new and less transparent and inefficient alternatives to be created,” Virtu said in its statement.

There was also talk at the end of last year from the US Securities and Exchanges Commission (SEC) that it would be exploring potential future changes to PFOF regulation in light of complaints it’s conflicted.

Around 40% of institutional equity traders in the US have pegged PFOF and regulatory changes surrounding it as the most crucial developing market structure trends for the year to come, according to research by Coalition Greenwich in February.

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In a study of the Taiwan Stock Exchange (TWSE), which transitioned from a frequent batch auction with a duration of 5 to 5.2 seconds to a continuous matching one in March 2020, the market maker claims to have found that continuous markets offer better liquidity and price discovery, lowers bid-ask spreads, more stable prices, and higher trading volumes.

These combined benefits also reportedly lowered the cost of capital for companies involved in capital raising and subsequently bolstered the markets more generally.

“The Taiwan Stock Exchange’s shift from frequent batch auctions to continuous trading in March 2020 presented a unique opportunity to settle a longstanding industry debate over which process is most beneficial to investors and the real economy,” Matthew Steinert, head of Americas business development at Citadel Securities, told The TRADE.

“Our analysis clearly shows that the shift resulted in more liquidity, lower volatility, greater trading volumes and reduced trading costs for retail and institutional investors – contributing to more efficient, accessible and cost-effective capital markets.”

According to Citadel Securities’ research, TWSE saw its volumes double to roughly $8 billion per day after its shift to continuous trading; while liquidity was significantly improved, finding that the average number of shares on offer in the top five levels away from the midpoint went from 600,000 before continuous trading to around 1.3 million shares at an average price of $53 Taiwan Dollars (TWD), after.

For the top 30 stocks that trade on TWSE and account for 80% of total shares traded, available liquidity was four to five times higher after the shift away from auctions. The less liquid stocks saw less of an improvement and the market maker acknowledged that continuous markets often favour more liquid stocks while those with lower demand “may benefit from liquidity programs” to incentivise their liquidity provision.

The report also found that, taking into account conditions caused by the pandemic, volatility had decreased by 18% from before continuous trading was implemented, to after.

Using these figures, Citadel Securities claimed that TWSE had saved investors $550 million in a single year due to the effects of lowered volatility, better liquidity and smaller spreads. This lowered the cost of capital and improved the real economy.

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The investment from these venture capital firms has valued Citadel Securities at approximately $22 billion and has sparked industry talk about a possible IPO.

The round was led by Sequoia, with the investment coming from Sequoia Heritage, Sequoia Capital Global Equities and the Global Growth Fund.

Alfred Lin, partner at Sequoia, will join the Citadel Securities board of directors.

“Many companies that have transformed the world have achieved their highest ambitions with Sequoia as their partner,” said Peng Zhao, chief executive of Citadel Securities.

“As technological innovation in financial markets becomes only more important, we see enormous opportunities to meet the needs of our clients across more markets and more products. Our partnership with Sequoia and Paradigm puts us in an even stronger position as we continue to scale our business, broaden into new markets and attract the world’s most brilliant minds.”

Over 1,600 clients are served by Citadel Securities’ institutional business, including several of the world’s largest sovereign wealth funds and central banks. The trading firm is the largest market maker on the New York Stock Exchange.

Citadel also counts more retail-focused trading apps as its clients, which led to the now infamous meme stocks incident at the start of 2021.

“Citadel Securities has developed software and algorithms that have driven substantial improvement to market structures for the benefit of institutional and retail investors everywhere,” said Matt Huang, co-founder and managing partner of Paradigm.

“We look forward to partnering with the Citadel Securities team as they extend their technology and expertise to even more markets and asset classes, including crypto.”

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