Public Policy

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Citadel Securities believes that fair, open, competitive, and transparent markets best serve participants.

Read our white paper on Policy Recommendations for the U.S. Financial Markets.

May 2021

Enhancing Competition, Transparency and Resiliency in U.S. Financial Markets

Equities & Options

The U.S. equity markets are the fairest, most transparent, resilient, and competitive markets in the world. Citadel Securities believes that competition and innovation have markedly improved conditions for all investors, who benefit from dramatically lower trading costs, improved market transparency and liquidity, and increased competition. We support regulatory efforts to ensure that U.S. equity markets continue to best serve the interests of all investors.

Nov 30 2020

CAT Data Security

Aug 14 2020

IEX D-Limit

Aug 12 2020

AIM Auctions for SPX

July 9 2020

AIM Auctions for SPX

July 2 2020

IEX D-Limit

June 1 2020

CAT Data Security

April 23 2020

IEX D-Limit

Feb 18 2020

NYSE Direct Listings

Nov 17 2019

SIP Odd Lots Proposal

Feb 23 2021

CAT Limitation of Liability

Nov 30 2020

CAT Data Security

Aug 14 2020

IEX D-Limit

Aug 12 2020

AIM Auctions for SPX

June 12 2020

NYSE Wireless Data Proposal

May 26 2020

Market Data Infrastructure

OTC Derivatives Reform – US

Citadel Securities is a firm supporter of the G-20 reforms to the OTC derivatives markets, including the central clearing and trading requirements. These reforms have already begun and will continue to reduce interconnectedness and systemic risk, improve pre- and post-trade transparency, and foster an open, level, competitive playing field.

April 21 2020

Post-trade Name Give-up

March 9, 2020

CFTC Cross-Border

March 3 2020

Swap Dealer Capital

Nov 22 2019

Exempt DCOs

Dec 7 2020

Portfolio Margining of Uncleared Swaps and SBS

May 22 2020

Real-time Public Reporting of Blocks

May 22 2020

Codification of SEF No-Action Letters

April 21 2020

Post-trade Name Give-up

March 9, 2020

CFTC Cross-Border

March 3 2020

Swap Dealer Capital

OTC Derivatives Reform – Europe

Citadel Securities is a firm supporter of the G-20 reforms to the OTC derivatives markets, including the central clearing and trading requirements. These reforms have already begun and are expected to reduce interconnectedness and systemic risk, improve pre- and post-trade transparency, and foster an open, level, competitive playing field.

Nov 21 2019

EMIR FRANDT

Jan 11 2021

Feedback on ESMA Market Data Guidelines

Dec 7 2020

ESMA Transaction Reporting and Reference Data

June 15 2020

ESMA Post-trade Risk Reduction Services

June 14 2020

MiFID II Non-Equity Transparency

Nov 21 2019

EMIR FRANDT

Sept 6 2019

MiFID II Transparency and CTP

OTC Derivatives – APAC

Citadel Securities is a firm supporter of the G-20 reforms to the OTC derivatives markets, including the central clearing and trading requirements. These reforms have already begun and will continue to reduce interconnectedness and systemic risk, improve pre- and post-trade transparency, and foster an open, level, competitive playing field.

Apr 27 2018

Comment Letter to the HKMA and HK SFC on the Clearing Obligation and Platform Trading Obligation

Mar 23 2018

Response to the Singapore MAS Consultation on Mandatory Trading of Derivatives Contracts

Mar 14 2018

Comment Letter to HK SFC on Client Clearing Services & Straight-Through-Processing

U.S. Treasuries

Citadel Securities supports efforts to modernize the regulatory framework for the U.S. Treasury markets, including the introduction of real-time public reporting, the registration of multilateral trading venues, non-discriminatory access to trading venues, and the expansion of repo clearing. Consistent with our longstanding commitment to more fair and efficient markets, we believe these changes will enhance transparency and resiliency in the U.S. Treasury market and provide Treasury market participants with greater choice among trading venues and counterparties.

March 1 2021

SEC Reg ATS Proposal

Feb 22 2021

FINRA Regulatory Reporting Proposal

Jan 30 2019

Citadel Comment Letter on FICC Sponsoring Member Program

Sep 10 2018

Comment Letter to OFR on the Reporting of Repo Transactions

Jul 5 2018

Comment Letter to the SEC on the FINRA Proposal Relating to ATS Reporting of US Treasury Transactions to TRACE

Aug 15 2016

Comment Letter to the SEC on FINRA’s Treasury TRACE Reporting

Commodity Futures

Citadel Securities believes that investors play an essential and beneficial role in the commodities markets. Investors’ research and analysis leads to greater transparency, facilitating more efficient economic decisions by commodity producers and consumers and optimizing resource allocation across the real economy. At the same time, investors’ market activity enhances liquidity and facilitates the price discovery process for all market participants.

March 15 2020

CFTC Position Limits

Mar 15 2019

Comment Letter on the ICE Asymmetric Speed Bump

Sep 30 2017

Comment Letter to the CFTC on Project KISS

Mar 16 2016

Comment Letter to the CFTC on Regulation Automated Trading (Reg AT)

Aug 4 2014

Comment Letter to the CFTC on Position Limits (No. 2)

Jul 7 2014

Comment Letter to the EIA on the Monthly Natural Gas Production Report

Other FICC Asset Classes

Sept 6 2019

FINRA Proposal to Publish Bond ATS Data

June 11 2019

TRACE Corporate Bond Pilot Proposal

Sep 21 2017

Comment Letter to the Global Foreign Exchange Committee on Last Look

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