Citadel Securities

2026-09-10 17:52

Citadel Securities Calls for US SEC Regulation of Event Contracts Tied to U.S. Stocks

Citadel Securities has submitted comments to U.S. regulators, urging the Securities and Exchange Commission (SEC) to oversee event contracts tied to U.S. publicly traded companies. The market maker argued that trading platforms should not evade the SEC's regulatory jurisdiction by obtaining self-certification from the Commodity Futures Trading Commission (CFTC). The battle over regulatory authority for event contracts continues to intensify. While some U.S. prediction markets are currently offering such contracts under the CFTC framework, the regulatory dividing line between the SEC and CFTC is becoming a key focus for the market as event contracts increasingly encompass financial assets like equities.

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2026-09-08 20:01

Robinhood Partners with Crypto.com on Prediction Market Deal

Odaily News: Robinhood has reached an agreement with Crypto.com to further expand its prediction market business. Under the agreement, Robinhood will list event contracts provided by OG.com, Crypto.com's prediction market platform, and will take a minority stake in both Crypto.com and OG.com.Following an investment from Citadel Securities in July this year, OG.com's valuation has reached approximately $5 billion. (WSJ)

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2026-09-04 01:28

Uniswap Founder Hayden: Correlated Trading Pairs Will Drive AMMs into Global Financial Markets

Odaily News Uniswap founder Hayden said on X that correlated trading pairs are emerging. The top five tokenized SPY trading pairs by volume are "bridge" pairs connecting other common base pairs, which then primarily link to highly correlated tokenized stocks. These markets are global, programmable, low-cost, and operate 24/7.Uniswap founder Hayden said on X:.I've been working at the frontier of DeFi for 9 years. It's a fascinating field with infinite depth and the potential to transform capital markets.I've always believed AMMs hold immense potential, but for the past decade, one question has persisted: Can this novel market structure truly become the core engine for all financial markets?After years of evolution and development, the path for AMMs to achieve global dominance is becoming increasingly clear. To explain this, we need to start in 1976.Tokenization Changes Market Makers.Index funds celebrated their 50th anniversary this month. When Jack Bogle launched the index fund in 1976, he hoped to raise $150 million but ultimately raised only $11.3 million. Competitors called it "Bogle's Folly," posting posters claiming index funds were un-American. They argued that a fund making no decisions couldn't possibly beat professionals paid to make decisions. Today, the majority of US fund assets are allocated to passive investment vehicles.I've been thinking about this recently because tokenization's "folly moment" is ending. The SEC has approved NASDAQ and the NYSE to trade tokenized stocks. DTCC, which handles virtually all US securities settlement, also conducted a live pilot of tokenized trades in July. Nearly all related activity is described the same way: treating tokenization as an infrastructure upgrade.The same markets, faster, cheaper, and always open. These statements are all true, but I believe the infrastructure upgrade framework obscures a larger change. Tokenization makes markets programmable, changing how markets exist, who makes markets, and what is traded.In 2018, I created Uniswap, an automated market maker protocol. Anyone can deposit two assets into a shared liquidity pool and earn fees from every trade, while prices adjust along a curve as users buy and sell. Uniswap has operated autonomously since its launch, processing over $4.6 trillion in cumulative volume and increasing DEX spot volume share from under 1% to over 20%.As AMMs like Uniswap continue to evolve, their liquidity has formed a pattern most financial markets haven't noticed yet: correlated trading pairs.The Easiest Place to Find Success.To succeed everywhere, you must first succeed somewhere. AMMs found product-market fit in long-tail markets because most assets previously couldn't attract professional market makers' attention. On Uniswap, anyone can create a market with a single transaction, and issuers and early supporters can become the first liquidity providers.Then came stablecoin pairs. Take USDC/USDT, for example. A good passive strategy can approach optimal l

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2026-09-02 09:46

U.S. SEC Announces Agenda for September 17 "24-Hour Trading" Roundtable Featuring Robinhood, NYSE, BlackRock, and Others

The U.S. Securities and Exchange Commission (SEC) announced that it will hold a "24-Hour Trading Readiness" roundtable at its headquarters in Washington, D.C., on September 17 from 10:00 AM to 4:00 PM ET. The event will be open to the public and live-streamed on the SEC website, with advance registration required for in-person attendance. Participating institutions include Robinhood, the New York Stock Exchange, BlackRock, Virtu Financial, the Chicago Board Options Exchange, BNY Pershing, UBS, FINRA, Jane Street, State Street, Samsung, Charles Schwab, Nasdaq, Interactive Brokers, DTCC, OTC Markets Group, BNP Paribas, 24X, Invesco, Citadel Securities, DriveWealth, Blue Ocean, and Citigroup, among others.

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2026-09-01 10:36

JPMorgan and Citadel Securities Both Warn: Stay Cautious Ahead of Nonfarm Payrolls, Advise Investors to Hedge Downside Risk in Advance

Odaily News JPMorgan and Citadel Securities have both issued short-term warnings, advising investors to remain cautious ahead of the upcoming period of dense macro data releases and the Federal Reserve policy meeting, and to utilize option prices currently at yearly lows to strengthen downside risk hedging.After Fed Chair Warsh delivered a clear signal in his highly anticipated speech on August 28, emphasizing that U.S. inflation has not shown any substantial slowdown, the trading team led by JPMorgan's Head of U.S. Market Intelligence, Andrew Tyler, decided to abandon their bullish stance ahead of the September 16 Fed policy decision. Although they expect economic data and corporate earnings to continue providing support, they have downgraded their view on U.S. equities to tactically cautious.Scott Rubner, Head of Equity and Equity Derivatives Strategy at Citadel Securities, noted that retail investor buying activity in September, as tracked by his firm, has been the weakest of the year since 2019. On days when the S&P 500 index declines, average net retail buying volume is only about half of normal levels. (Bloomberg)

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2026-08-27 22:09

Correlation trading pairs will help AMMs enter larger markets, Uniswap founder Hayden explains in a post

Odaily News: Uniswap founder Hayden said in a post on X that he cannot ignore the theory of correlation trading pairs when observing various things, and noticed that the second-largest Uniswap pool on Base is the Jito staked SOL/BTC trading pair, which aligns with the logic of correlation trading pairs.In an article titled "Correlation Trading Pairs: How AMMs Win the Biggest Markets," Hayden stated that AMMs have the potential to become the core engine of all financial markets, and tokenization will make markets programmable, changing market types, market makers, and the assets being traded.He said Uniswap has been operating autonomously since its launch in 2018, with cumulative trading volume exceeding $4.6 trillion, and has helped increase the proportion of decentralized exchanges relative to centralized spot trading volume from less than 1% to over 20%. As AMMs have developed, their liquidity has gradually formed a structure of correlation trading pairs.He pointed out that AMMs initially achieved product-market fit in the long-tail asset market, and then stablecoin trading pairs developed. Due to the lower capital costs of passive strategies, the demand for professional market making in stablecoin trading pairs has been squeezed.Hayden said traditional financial markets are dominated by market-making firms that integrate capital, trading strategies, execution technology, settlement, and distribution into a single vertical business. Citadel Securities handles approximately 25% of US stock trading volume, with net trading revenue reaching $12.2 billion last year and trading capital of approximately $21 billion.He believes blockchain can unbundle the different components of traditional market-making businesses: code handles execution, shared services provide custody and settlement, and open-source software replaces proprietary infrastructure. The scarce factor of capital in AMMs is capital itself, and participants who can hold inventory at lower costs gain an advantage.Hayden said liquidity providers face lower inventory risk when holding assets with similar price movements, and liquidity will deepen as a result. Ethereum ecosystem assets typically trade against ETH, Solana ecosystem assets typically trade against SOL, stablecoins trade in pairs with each other, and a few high-liquidity trading pairs are responsible for connecting different asset clusters.He noted that once tokenized assets share the same settlement layer, any asset can trade directly against any other asset. For example, NVIDIA/USD can become NVIDIA/SPY and connect to the dollar through SPY/USD; oil companies can trade against oil ETFs or tokenized oil, and private credit can trade against tokenized US Treasury funds.Hayden said traditional market makers typically pursue delta neutrality, reducing risk by denominating in USD and hedging non-USD exposure, which increases market-making costs. A market structure consisting of low-volatility correlation trading pairs and a few high-

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2026-08-25 08:54

EntropyIO completes $14 million funding round with $40 million in HYPE staking support

EntropyIO announced the completion of a $14 million funding round, led by Ribbit Capital, along with $40 million in HYPE staking support. The first batch of markets has gone live on Hyperliquid.EntropyIO stated that it has launched the first liquid Anthropic trading market and plans to further expand into assets such as Pre-IPO startups, computing resources, public companies, and global indices to enable around-the-clock trading.Team members come from Citadel Securities, Optiver, Polymarket, and Millennium, and have developed a liquidity-weighted oracle that dynamically adjusts external oracle price weights based on executable market depth, aiming to improve price discovery and liquidity for new asset classes.

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2026-08-12 18:42

Wintermute plans to invest approximately $1 billion over the next five years, expanding into high-frequency trading and AI data centers while growing its presence in traditional financial markets

Odaily News, Wintermute plans to invest approximately $1 billion over the next five years in high-frequency trading and AI data center infrastructure, while expanding into traditional financial markets such as equities, commodities, and foreign exchange. Wintermute founder and CEO Evgeny Gaevoy said the company hopes to gradually transform into a comprehensive trading firm similar to Jane Street or Citadel Securities. Gaevoy noted that competing with institutions that have spent decades optimizing technology and infrastructure in traditional markets requires massive investment. In addition to reducing trading execution latency, Wintermute will also leverage vast market data to continuously train and retrain more sophisticated quantitative models, and secure sufficient computing, storage, and network resources. The infrastructure investment is expected to be primarily funded by the company's retained earnings. Affected by the crypto market downturn, Wintermute's average daily trading volume has dropped from approximately $15 billion last year to $10 billion this year. Currently, about 10% of the company's revenue comes from non-crypto markets, with the goal of increasing that proportion to over 50% by the end of 2027. The company has begun trading ETFs and perpetual contracts linked to real-world assets, and will launch a prediction market trading business in early 2026. Wintermute's U.S. subsidiary has registered as a broker-dealer, allowing it to trade equities and equity options and serve as an authorized participant for exchange-traded products. The company currently has 17 employees in New York and plans to double its local headcount next year, with global staff expected to grow by 40%.

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2026-08-12 08:14

Citadel Securities: Systematic Funds Preparing to Re-Leverage and Buy Stocks

Odaily News, Scott Rubner, head of stock and derivatives strategy at Citadel Securities, stated that the equity market leverage reset is largely complete. As volatility declines, the room for systematic strategies to re-enter equity exposure is expanding. Market breadth is improving, with correlations near historical lows, while investors are increasingly willing to pay a premium for upside potential. The next wave of meaningful mechanical fund flows could be re-leveraging, rather than continued deleveraging.Citadel Securities data shows that assets under management for leveraged ETFs have dropped from $218 billion at the end of June to $154 billion in July, a decline of nearly 42%, with semiconductor leveraged ETFs holding approximately $31 billion in assets. Other Wall Street institutions have observed similar trends. Meanwhile, Morgan Stanley's Prime Brokerage team noted that after experiencing record deleveraging at the end of July, funds began restoring capital and re-buying global stocks last week. (Bloomberg)

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2026-08-07 08:00

Wintermute Completes U.S. Broker-Dealer Registration, Expands into Traditional Securities Market Making Sector

According to WSJ reports, Wintermute's US subsidiary has registered as a broker-dealer, marking the crypto trading company's formal entry into the regulated US financial market. This registration qualifies it to apply to become a designated market maker for stock exchanges such as the New York Stock Exchange and Nasdaq, providing a foundation for its expansion into the traditional financial services sector. The report noted that Wintermute is competing with large market-making firms such as Jane Street Capital and Citadel Securities.

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2026-07-28 02:08

Crypto.com Custody will provide institutional-grade custody and liquidity services for XYO and XL1

Crypto.com Custody has announced it will provide institutional-grade custody and liquidity services for XYO and XL1. This marks the first listing on a major trading platform for XL1 following its token sale, allowing qualified institutions and high-net-worth clients to store, manage, and exchange both tokens through a regulated pathway. Related assets will be held in client-segregated MPC wallets and held by bankruptcy-remote entities. Private keys are protected by multi-party computation running within a trusted execution environment. Clients have access to cold storage, audit trails, and Crypto.com’s institutional liquidity services. Eric Anziani, President and Chief Operating Officer of Crypto.com, stated that digital asset organizations require custody solutions that offer both security and liquidity. Markus Levin, co-founder of XYO, noted that after XYO was initially listed on the Crypto.com trading platform, the relationship between the two parties has continued to expand. In July 2026, Citadel Securities invested $400 million in Crypto.com at a valuation of $20 billion. In February 2026, the U.S. Office of the Comptroller of the Currency (OCC) conditionally approved Crypto.com to establish Crypto.com National Trust Bank.

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2026-07-17 08:17

Citadel Securities invests $400 million in Crypto.com, valuation reaches $20 billion

According to PR Newswire, Crypto.com announced it has received a $400 million strategic investment from Citadel Securities. This financing round values the company at $20 billion and marks the first institutional capital injection in Crypto.com's ten-year history. Jim Esposito, President of Citadel Securities, stated that Crypto.com has laid a solid foundation for the continued institutionalization of the digital asset market. Kris Marszalek, Co-founder and CEO of Crypto.com, stated that this financing will accelerate the company's expansion into all asset classes such as tokenized securities and derivatives, promote the integration of cryptocurrency with traditional financial markets, and build a more efficient 24/7 financial ecosystem.

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2026-07-17 02:01

Crypto.com Secures $400 Million Investment from Citadel Securities, Valuation Reaches $20 Billion

Odaily News: Crypto trading platform Crypto.com has secured a $400 million investment from Citadel Securities, bringing its company valuation to $20 billion. This deal marks Crypto.com's first institutional funding round since its establishment in 2016. Crypto.com stated that it will use the funds to expand its business in tokenized securities, derivatives, and other asset classes.

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2026-07-08 21:10

Citadel Drops Trade Secrets Lawsuit Against Portofino, Turns to UK to Seek Bankruptcy Recovery from Founders

According to CoinDesk, Wall Street market-making giant Citadel Securities has dropped its U.S. trade secret lawsuit against crypto market maker Portofino Technologies, instead seeking to recover nearly 6 million pounds in arbitration awards previously obtained through U.K. bankruptcy proceedings. Citadel filed documents with a U.S. court on Wednesday, jointly applying with Portofino to dismiss the New York trade secret case, stating that continuing to pursue the U.S. litigation lacks economic sense because the judgment won in the previous London arbitration remains difficult to enforce. It is reported that the case lasted nearly three years, but the U.S. litigation ultimately did not issue a substantive ruling on the trade secret allegations previously raised by Citadel. Citadel emphasized that the withdrawal was not because its trade secret claims lacked merit, but because the company had already prevailed in another London arbitration proceeding.

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2026-07-02 17:27

Citadel Securities Sues Former Executive Leonard Lancia, Seeking Over $7.9 Million in Arbitration Damages

According to Bloomberg, Citadel Securities sued former employee Leonard Lancia in London, seeking to recover over 6 million pounds (approximately $7.9 million) in damages and related costs. Lancia was previously responsible for the company's European derivatives systematic market-making business and co-founded high-frequency crypto trading firm Portofino Technologies after leaving.

Citadel Citadel Citadel frequency Portofino

2026-07-02 16:54

Citadel Securities Sues Former Employee for Over $7.9 Million Over Crypto Startup

Citadel Securities has filed a lawsuit in London, seeking over £6 million (approximately $7.9 million) from Leonard Lancia, its former European Head of Derivatives Systematic Market Making and co-founder of high-frequency crypto trading firm Portofino Technologies.Citadel Securities alleges that Leonard Lancia and his colleagues began planning their startup while still employed, and has won damages and legal cost support in related labor arbitration. Additionally, Citadel Securities filed a lawsuit against Portofino Technologies in the US in 2023, accusing it of stealing trade secrets. Leonard Lancia and Portofino Technologies have denied all allegations. The High Court in London rejected Leonard Lancia's request to lift the asset freezing order last Friday. (Bloomberg)

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2026-06-20 16:31

Analysis: US SEC Poised to Approve Tokenized Stock Trading, Potentially Reshaping the US Stock Market Structure

the U.S. Securities and Exchange Commission (SEC) is preparing to introduce a new policy that would allow crypto companies to offer blockchain-based tokenized stock trading, potentially having a significant impact on the traditional stock market structure. According to SEC Chairman Paul Atkins, companies will be permitted to experiment with new digital asset business models, including the tokenization of US stocks, without fully complying with existing disclosure and investor protection rules.However, the proposal has also raised concerns among traditional financial institutions such as Citadel Securities and SIFMA, who argue that such changes could divert liquidity and create regulatory arbitrage risks. As of now, the SEC has not made any public comments on the matter. (Reuters)

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2026-06-11 21:52

Digital Asset, developer of the Canton Network, has completed a $355 million funding round led by a16z.

According to CoinDesk, Digital Asset, the blockchain developer behind Canton Network, has announced a $355 million funding round led by a16z crypto, with participation from global institutions including ABN Amro, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group, and a subsidiary of the Abu Dhabi Investment Authority. The round exceeded its original target of $300 million, valuing the company at $2 billion. Canton Network is designed specifically for large financial institutions and enables the issuance and trading of tokenized real-world assets—such as bonds, loans, and funds—on a shared ledger, while maintaining privacy and meeting regulatory compliance requirements. In addition to financial support, a16z crypto will provide specialized assistance in development, policy, and research.

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2026-06-11 18:37

Digital Asset Completes $355 Million Funding Round Led by a16z crypto

According to Odaily, Digital Asset, the developer of the Canton network, has announced the completion of a $355 million equity funding round, led by a16z crypto. Participating investors include subsidiaries of the Abu Dhabi Investment Authority, Apollo Funds, BNP Paribas, Citadel Securities, CME Ventures, Coinbase Ventures, HSBC, S&P Global, SBI Group, SoFi, Tradeweb, and others. The project's primary business is developing the Canton blockchain network designed for institutions. The funds will be used to accelerate partnerships with institutional players, pursue mergers and acquisitions, and participate in related projects. (The Block)

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2026-06-01 19:37

Binance US Stock Business Structure Exposed: Nest Trading Handles Connections, Alpaca Monopolizes 94% of Tokenized US Stock Market

Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."

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