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FICC

Fixed Income, Currencies & Commodities

A Differentiated FICC Market Making Platform

Citadel Securities is one of the world’s largest market making firms, with more than 14 years of experience providing liquidity to global fixed income, currency, and commodity markets. Clients benefit from our singular focus on providing best-in-class liquidity, tight spreads, firm prices, and large sizes consistently in most market conditions. Offering direct-to-client liquidity solutions, we trade with more than 500 global institutional clients, including the world’s largest asset managers, banks, hedge funds, GSEs, insurance firms, and pension and retirement systems.

Interest Rate Swaps

Interest Rate Swaps

Citadel Securities is a leading market maker in USD and EUR Interest Rate Swaps on Bloomberg and Tradeweb. The firm is the first non-bank to make markets on direct-to-client platforms and to become an LCH self-clearing member. Most recently, we launched European FICC market-making in interest rate swaps for European clients during U.K. and Asia-Pacific local trading hours, including on and off SEFs.

How we do it

  • Automated quoting that delivers clients the fastest response times to RFQs1
  • Award-winning risk management, technology, and hedging systems
  • Full-service relationship management and a culture of excellence in customer service
  • An efficient and scalable model with a lower cost base
U.S. Treasuries

U.S. Treasuries

Leveraging our quantitative and risk management capabilities, Citadel Securities provides depth for clients in active and off-the-run U.S. Treasuries through a systematic and high-touch offering. We offer clients access via phone, IB, Bloomberg, and Tradeweb. We are the only dealer to offer a 100% firm executable stream for both active and off-the-run U.S. Treasuries on Bloomberg and Tradeweb.

How we do it

  • An experienced and talented team with valuable market insights
  • Rapid and reliable analysis of market data, allowing us to consistently stream firm prices, even in volatile markets
  • A commitment to reduced market impact using model-informed hedging and access to a diverse client base
  • Aggressive pricing driven by systematic real-time axe management and internalization
  • Optimized cost base and capital structure backed by durable funding
Foreign Exchange

Foreign Exchange

Citadel Securities is a leading market maker in spot FX, covering G10 and emerging market currencies. Our focus on risk warehousing aims to deliver customizable liquidity with low market impact and consistent pricing to clients globally, including banks, brokers, and systematic trading firms. Our proven track record across a wide variety of market conditions has established the firm as a key counterparty in times of market stress.

How we do it

  • Risk warehousing model and a focus on internalization that works to minimize market impact for clients
  • State-of-the-art risk management that provides reliable liquidity
  • Advanced technology that allows us to deliver custom feeds based on client needs
  • Local pricing positioned around the world to deliver timely access to pricing data and higher levels of customer service
Credit Indices

Credit Indices

Citadel Securities launched CDX market-making on Bloomberg SEF in April 2016, building on our success in the interest rate derivatives market. Now a consistent top-liquidity provider on Bloomberg SEF, the primary buy-side CDX trading platform, Citadel Securities last year broadened its CDX market-making to Tradeweb SEF.

How we do it

Expanding on our model for interest rates, we strive to deliver a superior trading experience that features firm prices, tighter spreads, high hit ratios, and consistency in most market conditions

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