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Market Manipulation

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Citadel Securities has a longstanding history of being charged with, fined for, and accused of market manipulation. Since 2007 the firm has been fined more than $348 Million (cumulative) [1] globally in relation to violation of laws and regulations.

Here are some examples of fines from the SEC:

  • SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations. [2] $7 million.

“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” said Mark Cave, Associate Director of the SEC’s Division of Enforcement. “This action against Citadel Securities demonstrates that a broker-dealer’s failure to comply with the requirements of Reg SHO can have negative downstream consequences on the accuracy of the firm’s electronic records, including its electronic blue sheet reporting, depriving the Commission of important information about the markets it regulates.”

  • Citadel Securities Paying $22 Million for Misleading Clients About Pricing Trades [3]. $22.6 million.

"Citadel Securities made misleading statements suggesting that it would provide or try to get the best prices it saw for retail orders routed by other broker-dealers," said Stephanie Avakian, Acting Director of the SEC Enforcement Division. "Internalizers can't suggest they are doing one thing yet do another when it comes to pricing trades."

  • Three Broker-Dealers to Pay More Than $6 Million in Penalties for Providing Deficient Blue Sheet Data [4] $3.5 million.

"Citadel, the largest provider of blue sheet data of the firms charged today, submitted incorrect data for nearly 80 million trades . . . None of the firms had adequate processes designed to validate the accuracy of its submissions . . . The SEC’s orders also found that Citadel, Natixis, and MUFG willfully violated the broker-dealer books and records and reporting provisions. The firms admitted the findings in the SEC’s cease and desist orders and agreed to be censured and to pay penalties"

Please note the above list is not an exhaustive list of fines Citadel Securities has paid to the SEC. For further information see the SEC website. Atolson1 (talk) 22:45, 5 December 2023 (UTC)[reply]

References

  1. ^ "A list of fines incurred by Citadel Securities and Citadel Advisors for market manipulation". InvestorTurf.com. InvestorTurf. Retrieved 12/4/2023. {{cite web}}: Check date values in: |access-date= (help)
  2. ^ "SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations". No. 2023–192. SEC. Securities and Exchange Comission. Retrieved 1 December 2023.
  3. ^ "Citadel Securities Paying $22 Million for Misleading Clients About Pricing Trades". No. 2017–11. SEC. Securities and Exchange Comission. 1/13/2017. Retrieved 1 December 2023. {{cite news}}: Check date values in: |date= (help)
  4. ^ "Three Broker-Dealers to Pay More Than $6 Million in Penalties for Providing Deficient Blue Sheet Data". No. 2018–275. SEC. Securities and Exchange Comission. 12/10/2018. Retrieved 1 December 2023. {{cite news}}: Check date values in: |date= (help)
I think this content is vitally important to any readers who come to this article as it will help them to understand that Citadel Securities has been charged, fined, and accused of market manipulation many, many times in recent years. I am not sure if InvestorTurf is a wikipedia allowed website source. Do you happen to have any other sources where this information is available? The SEC.gov links are great source documents and I think they provide great context around the allegations, charges, and fines. Alecmvqb (talk) 22:54, 5 December 2023 (UTC)[reply]
I have indeffed Alecmvqb (talk · contribs) per WP:DUCK. Johnuniq (talk) 23:08, 5 December 2023 (UTC)[reply]

Updates to Intro and History sections

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Hi. I would like to request that the following edits be made as updates to the "Introduction" and "History" sections:

  • Citadel has moved its headquarters to Miami. Please change the last sentence in the "Introduction" to reflect that this event is in the past, as follows:
Citadel Securities moved its headquarters from Chicago to Miami [1][2] with plans to build a new headquarters on Brickell Bay Drive.[3][4]
  • At the end of the "2020" section in "History" please add the following update:
In 2020, Citadel Securities began selling US Treasury and dollar interest rate swap products in Hong Kong.[5]
  • In the "2022-2023" section, please add the following four sentences as updates in chronological order (Right between the two paragraphs that are in that section now):
In 2022, the company opened a new office in Japan.[5]
By the end of 2022 Citadel Securities traded in over 35 countries and executed more than 20 percent of all US equity trades.[6] The firm also trades futures, options, currencies and Treasury bonds.[7]
As of February 2023, the Hong Kong based subsidiary of Citadel Securities was designated as a "qualified foreign institutional investor" or QFII, by the Chinese government, giving the company more access to mainland China's bond and stock markets.[8]
In June 2023, Citadel Securities became active in corporate debt trading and introduced investment-grade trading to clients.[9]

References

  1. ^ Darbyshire, Madison. "'The Citadel migration' shaking up Miami's luxury property market". Financial Times.
  2. ^ Fabbro, Rocio (19 September 2023). "Crime and Taxes Could Drive a Trillion-Dollar Industry Out of Chicago". The Messenger.
  3. ^ "Citadel, Sterling Bay part ways on planned waterfront Miami tower". The Real Deal. 10 April 2023.
  4. ^ Dinkova, Lidia (26 December 2023). "Here are South Florida's biggest office leases of 2023". The Real Deal.
  5. ^ a b Yilum Chen, Lulu (22 March 2023). "Citadel Securities Boosts China Presence as Peers Cut Costs". Bloomberg.
  6. ^ Doherty, Katherine; Burton, Katherine (5 January 2023). "Citadel's Market Maker Posts Record Revenue; Hedge Fund Surges". Bloomberg.
  7. ^ Chung, Juliet; Osipovich, Alexander (5 January 2022). "Citadel Posts Record Revenues for Hedge-Fund, Securities Operations". WSJ.
  8. ^ Feng, Rebecca (9 February 2023). "Citadel Securities Wins Wider Access to Chinese Stock and Bond Markets". The Wall Street Journal.
  9. ^ Doherty, Katherine (29 June 2023). "Citadel Securities Is Muscling Its Way Into Credit Trading". Bloomberg.

Thanks so much. Cduffymul (talk) 15:31, 6 February 2024 (UTC)[reply]

 Done Encoded Talk to me! 16:17, 10 February 2024 (UTC)[reply]
Thanks so much Encoded for implementing this edit request. I wonder if you wouldn’t mind taking a look at another edit request I recently posted for Kenneth C. Griffin here: Talk:Kenneth_C._Griffin#Add_to_Philanthropy. Could you please implement if you agree with the edits? Thanks again. Cduffymul (talk) 14:11, 12 February 2024 (UTC)[reply]

Updates to History and Intro sections

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Hi. I have a few requests to update the page, as follows:

  • In the 2011-2019 section of the History section, please add the following sentence and source right after the first sentence of the third paragraph that begins: "By 2015 Citadel Securities had become…"
In 2016, the company opened a new office in Sydney, Australia.[1]
  • At the end of the History section, please update the heading to 2022-2024 and add the following as a new paragraph:
In June 2024, the company began trading Euro and Sterling interest-rate swaps. Citadel Securities grew its existing 120-person global rates team in London and Paris to support the expansion, and named Paris as the firm's trading hub for European rates.[2]
  • Please add that Peng Zhao became the CEO in 2016 into the Introduction, after the second paragraph:
Peng Zhao, who joined the company in 2006, has been the CEO since 2017.[3]
  • Please add language to the first sentences of the Introduction to clarify what it is that a "market making" firm does, and to add to the list of activities the company is engaged in. The first two sentences of the Introduction therefore should be as follows:
Citadel Securities LLC is an American market making firm providing liquidity and trade execution to retail and institutional clients, headquartered in Miami.[4][5][6] The firm also trades futures, equities, credit, options, currencies, and Treasury bonds.

References

  1. ^ Yilun Chen, Lulu (1 December 2023). "Citadel Picks Less Than 0.3% of Applicants for Sydney Internship". Bloomberg.
  2. ^ Atkins, Alice; Gupta, Kriti (11 June 2024). "Citadel Securities Kicks Off Trading in European Rates Markets". Bloomberg.
  3. ^ Marek, Lynne (30 January 2017). "For its next CEO, Citadel Securities turns to a veteran". Crain's Chicago Business.
  4. ^ Gordon, Amanda; Tan, Gillian; Maloney, Tom (28 June 2022). "Griffin's Citadel Seen Behind Record $363 Million Miami Land Purchase". www.bloomberg.com. Retrieved 28 July 2022.
  5. ^ "About Citadel Securities". Citadel Securities. Retrieved 23 August 2022. Miami Global Headquarters Southeast Financial Center 200 S. Biscayne Blvd. Miami, FL 33131
  6. ^ Salzman, Avi. "Citadel Securities Could Become a Crypto Player". www.barrons.com.

Thanks so much. I am pinging Encoded who implemented the previous edit request. Cduffymul (talk) 13:58, 30 June 2024 (UTC)[reply]

 Done Encoded  Talk 💬 15:21, 15 August 2024 (UTC)[reply]

Add to Partnerships and History

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Hi. I would like to add the following to the Partnerships and History sections.

  • Please add the following information to the end of the Partnerships section:
Citadel Securities has partnered with other financial firms to launch several exchanges. Among those exchanges are the Members Exchange, or MEMX;[1][2] the Texas Stock Exchange, or TXSE;[3] EDX Markets, or EDXM, a crypto exchange for institutional investors;[4] and the FMX Futures Exchange.[5]
  • Please add the following to the end of the History section:
In September 2024, Citadel Securities hired Jim Esposito, former co-head of global banking and markets at Goldman Sachs, as president.[6]

References

  1. ^ Osipovich, Alexander (7 January 2019). "Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq". WSJ.
  2. ^ Wanna, Carly; Doherty, Katherine (27 September 2023). "Wall Street-Backed Options Exchange Kicks Off Amid Peak Volumes". Bloomberg.
  3. ^ Driebusch, Corrie (4 June 2024). "New Texas Stock Exchange Takes Aim at New York's Dominance". WSJ.
  4. ^ Doherty, Katherine; Yang, Yuegi (20 June 2023). "Crypto Exchange Backed by Citadel Securities, Fidelity Goes Live". Bloomberg.
  5. ^ Chan, Jeremy. "JPMorgan, Citadel, Goldman join BGC-led exchange in match-up against CME". Financial News.
  6. ^ Doherty, Katherine (30 May 2024). "Citadel Securities Taps Goldman's Esposito as New President". Bloomberg.

Thanks so much. Cduffymul (talk) 13:38, 7 October 2024 (UTC)[reply]

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