Citadel Securities -- (big) Market Maker - Älteste Beiträge zuerst
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2019-12
Ken Griffin Has Another Money Machine to Rival His Hedge Fund
https://www.capitalmarketsinafrica.com/ken-griffin-has-anoth…
...
Providing Liquidity
By targeting big banks, regulators hampered their ability to provide liquidity, JPMorgan Chase & Co. asset management chief Mary Erdoes said last year at the Bloomberg Global Business Forum, where Griffin was a guest.
They’ve been replaced by firms like Citadel Securities that are less regulated, and the market doesn’t yet know if they’ll be reliable partners in a crisis, she said. “It will be a very different playbook when we go through the next liquidity crunch.”
In response, Griffin said his firm was well-positioned to provide liquidity because it captures and processes data better than banks, allowing Citadel Securities to offer prices with more confidence during times of market stress.
The exchange highlighted a sometimes difficult relationship between Citadel Securities and big banks.
Citadel was part of a group of investors and market participants that won a $1.9 billion settlement from some of Wall Street’s biggest financial institutions after alleging that the banks had conspired to limit competition in the credit-default swaps market and sabotage a CDS exchange planned by Citadel and CME Group Inc.
The banks were accused of agreeing to boycott the exchange as long as Citadel was involved.
Griffin hasn’t shown much sympathy for the competition’s woes.
“The disruptive innovation that has taken place within the equities market has created winners and losers,” he said in written testimony for a 2014 hearing of the Senate Banking Committee. It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,” Griffin added.
The regulatory overhaul that followed the financial crisis created a more level playing field, said Ahmed, the Citadel spokesman.
“This transformation of the markets has resulted in more liquidity, better pricing and lower transaction costs for end investors,” he said.
Order Flow
Market-makers pay rebates to brokerages for routing them retail client orders, which tend to be the most profitable trades because they carry the least risk.
Citadel Securities has been among the most aggressive in using rebates to win retail orders. Some market participants say the payments promote conflicts of interest and should be banned, but others say they improve order execution for retail investors.
In 2017, the firm agreed to a $22.6 million settlement with the Securities and Exchange Commission over allegations that it had misled clients over a small portion of trades in its high-frequency equities business. That didn’t slow it down much. Citadel Securities now controls about 40% of the U.S. retail equity market share.
...
Still, the securities business continues to expand rapidly and is now vying to become one of the Fed’s primary dealers. These select firms trade directly with the New York Fed as it implements monetary policy, and they’re required to participate in U.S. Treasury auctions. Such a move might invite fresh scrutiny.
...
Ken Griffin Has Another Money Machine to Rival His Hedge Fund
https://www.capitalmarketsinafrica.com/ken-griffin-has-anoth…
...
Providing Liquidity
By targeting big banks, regulators hampered their ability to provide liquidity, JPMorgan Chase & Co. asset management chief Mary Erdoes said last year at the Bloomberg Global Business Forum, where Griffin was a guest.
They’ve been replaced by firms like Citadel Securities that are less regulated, and the market doesn’t yet know if they’ll be reliable partners in a crisis, she said. “It will be a very different playbook when we go through the next liquidity crunch.”
In response, Griffin said his firm was well-positioned to provide liquidity because it captures and processes data better than banks, allowing Citadel Securities to offer prices with more confidence during times of market stress.
The exchange highlighted a sometimes difficult relationship between Citadel Securities and big banks.
Citadel was part of a group of investors and market participants that won a $1.9 billion settlement from some of Wall Street’s biggest financial institutions after alleging that the banks had conspired to limit competition in the credit-default swaps market and sabotage a CDS exchange planned by Citadel and CME Group Inc.
The banks were accused of agreeing to boycott the exchange as long as Citadel was involved.
Griffin hasn’t shown much sympathy for the competition’s woes.
“The disruptive innovation that has taken place within the equities market has created winners and losers,” he said in written testimony for a 2014 hearing of the Senate Banking Committee. It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,” Griffin added.
The regulatory overhaul that followed the financial crisis created a more level playing field, said Ahmed, the Citadel spokesman.
“This transformation of the markets has resulted in more liquidity, better pricing and lower transaction costs for end investors,” he said.
Order Flow
Market-makers pay rebates to brokerages for routing them retail client orders, which tend to be the most profitable trades because they carry the least risk.
Citadel Securities has been among the most aggressive in using rebates to win retail orders. Some market participants say the payments promote conflicts of interest and should be banned, but others say they improve order execution for retail investors.
In 2017, the firm agreed to a $22.6 million settlement with the Securities and Exchange Commission over allegations that it had misled clients over a small portion of trades in its high-frequency equities business. That didn’t slow it down much. Citadel Securities now controls about 40% of the U.S. retail equity market share.
...
Still, the securities business continues to expand rapidly and is now vying to become one of the Fed’s primary dealers. These select firms trade directly with the New York Fed as it implements monetary policy, and they’re required to participate in U.S. Treasury auctions. Such a move might invite fresh scrutiny.
...
Antwort auf Beitrag Nr.: 62.143.406 von faultcode am 12.12.19 15:17:57
--> dazu ist mit noch ganz allgemein eingefallen:
• da scheint global Bewegung ins Spiel zu kommen, nachdem in den USA nach dem Markt-Durchbruch von Robinhood mittlerweile vielfach "no order fee" bei Standard-/hochliquiden Aktien herrscht (was aber dann kein Börsenhandel mehr ist, sondern Handel mit Market maker Citadel und Co. im Hintergrund)
--> Citadel Securities ist vermutlich schon mittendrin im europäischen Retail-Handel (im Hintergrund): Ui, Ui, Ui
aus:
18.12.2019
What Bloomberg Misses About Citadel Securities
https://alphacution.com/what-bloomberg-misses-about-citadel-…
...
Zitat von faultcode: "Keine Gebühren für ausländische Dividendenzahlungen (vorher 5,90 EUR)"
--> das betrifft mich mit breiter Streuung und damit oft Kleckerbeträgen aus Auslands-Dividenden nach Quellensteuer (gefühlt) besonders positiv
--> dazu ist mit noch ganz allgemein eingefallen:
• da scheint global Bewegung ins Spiel zu kommen, nachdem in den USA nach dem Markt-Durchbruch von Robinhood mittlerweile vielfach "no order fee" bei Standard-/hochliquiden Aktien herrscht (was aber dann kein Börsenhandel mehr ist, sondern Handel mit Market maker Citadel und Co. im Hintergrund)
--> Citadel Securities ist vermutlich schon mittendrin im europäischen Retail-Handel (im Hintergrund): Ui, Ui, Ui
aus:
18.12.2019
What Bloomberg Misses About Citadel Securities
https://alphacution.com/what-bloomberg-misses-about-citadel-…
...
Antwort auf Beitrag Nr.: 62.400.722 von faultcode am 17.01.20 01:49:0428.2.
Citadel Securities Is Trying To Corner The Market For Institutional Options Trading
https://www.zerohedge.com/markets/citadel-securities-trying-…
...
It's also a great time to be involved in options order flows, as trading of U.S. stock options, in volume, now nearly matches the volume of the underlying securities. It's the highest option/underlying ratio in 14 years.
Goldman Sachs wrote in a report this month: “This is a significant increase from 2016 when options volumes were only 30% of shares volumes.”
...
Citadel Securities Is Trying To Corner The Market For Institutional Options Trading
https://www.zerohedge.com/markets/citadel-securities-trying-…
...
It's also a great time to be involved in options order flows, as trading of U.S. stock options, in volume, now nearly matches the volume of the underlying securities. It's the highest option/underlying ratio in 14 years.
Goldman Sachs wrote in a report this month: “This is a significant increase from 2016 when options volumes were only 30% of shares volumes.”
...
Antwort auf Beitrag Nr.: 62.858.211 von faultcode am 02.03.20 22:48:215.11.
Citadel and Citadel Securities Expand Global Footprint with Paris Office
https://markets.businessinsider.com/news/stocks/citadel-and-…
...
Citadel, a leading alternative investment manager, and Citadel Securities, a leading global market maker, today announced plans to open an office in Paris. The new office will extend the firms' longstanding presence in Europe. This is the latest expansion of the firms' growing global footprint, which includes 18 offices across North America, Europe and Asia-Pacific.
"Paris is one of the leading financial centers in Europe, and we are excited to be opening an office there as we continue to expand in the region and globally," said Edwin Lin, Head of Global Fixed Income, Citadel. "It will provide us access to a strong local talent pool and enable us to further deepen our relationships with European counterparties and policymakers as the region's capital markets continue to integrate."
Both Citadel and Citadel Securities have long histories of operating in Europe. Citadel opened its first European office in London in 1999. All five of its global investment strategies – Equities, Fixed Income & Macro, Commodities, Credit and Quantitative Strategies – are represented in the region.
Citadel Securities has operated in Europe since 2007. The firm is a top five participant on many of Europe's equity exchanges and operates one of the largest systematic internalizers in Europe. Citadel Securities also has a leading global FICC business that provides liquidity to 1400+ institutional investors across more than 50 countries.
...
Citadel and Citadel Securities Expand Global Footprint with Paris Office
https://markets.businessinsider.com/news/stocks/citadel-and-…
...
Citadel, a leading alternative investment manager, and Citadel Securities, a leading global market maker, today announced plans to open an office in Paris. The new office will extend the firms' longstanding presence in Europe. This is the latest expansion of the firms' growing global footprint, which includes 18 offices across North America, Europe and Asia-Pacific.
"Paris is one of the leading financial centers in Europe, and we are excited to be opening an office there as we continue to expand in the region and globally," said Edwin Lin, Head of Global Fixed Income, Citadel. "It will provide us access to a strong local talent pool and enable us to further deepen our relationships with European counterparties and policymakers as the region's capital markets continue to integrate."
Both Citadel and Citadel Securities have long histories of operating in Europe. Citadel opened its first European office in London in 1999. All five of its global investment strategies – Equities, Fixed Income & Macro, Commodities, Credit and Quantitative Strategies – are represented in the region.
Citadel Securities has operated in Europe since 2007. The firm is a top five participant on many of Europe's equity exchanges and operates one of the largest systematic internalizers in Europe. Citadel Securities also has a leading global FICC business that provides liquidity to 1400+ institutional investors across more than 50 countries.
...
Antwort auf Beitrag Nr.: 66.043.970 von faultcode am 12.12.20 14:48:37Chamath Palihapitiya:
• ich hatte erst diese Woche an anderer und geeigneter Stelle vor Chamath gewarnt. Der Beitrag wurde aber entfernt
Daher hier etwas arg fachfremd (auch weil das kein Nachrichten-Thread ist, z.B. bei SoFi Securities LLC, und damit dauerhafter):
...
https://www.ft.com/content/ab96cae4-1bbc-4b66-a100-be6c07ea3…
=> die Einschläge kommen näher
Und zu Clover Health im Besonderen:
• ich hatte erst diese Woche an anderer und geeigneter Stelle vor Chamath gewarnt. Der Beitrag wurde aber entfernt
Daher hier etwas arg fachfremd (auch weil das kein Nachrichten-Thread ist, z.B. bei SoFi Securities LLC, und damit dauerhafter):
...
https://www.ft.com/content/ab96cae4-1bbc-4b66-a100-be6c07ea3…
=> die Einschläge kommen näher
Und zu Clover Health im Besonderen:
Trading Spotlight
4.2.
GameStop Mania Drives Scrutiny of Payments to Online Brokers
https://www.wsj.com/articles/gamestop-mania-drives-scrutiny-…
...
The Reddit-fueled frenzy in stocks such as GameStop Corp. and AMC Entertainment Holdings Inc. is prompting calls for regulators to reconsider a decades-old practice in the U.S. stock market: payment for order flow.
The practice, in which high-speed trading firms pay brokerages for the right to execute orders submitted by individual investors, has long been controversial. Some say it warps the incentives of brokers and encourages them to maximize their revenue at the expense of customers. Supporters, including many brokers and trading firms, say it is misunderstood and helps ensure that investors get seamless executions and good prices on their trades.
Either way, it is big money. Last year, brokerages such as Charles Schwab Corp. , TD Ameritrade, Robinhood Markets Inc. and E*Trade collected nearly $2.6 billion in payments for stock and option orders, according to an analysis of company filings by JMP Securities. The biggest sources of the payments were electronic trading firms such as Citadel Securities, Susquehanna International Group LLP and Virtu Financial Inc.
Such firms make money by selling shares for slightly more than they are willing to buy them, and pocketing the price difference.
They are willing to pay for order flow from online brokerages because they are less likely to lose money trading against individual investors than on an exchange, where traders tend to be larger and more sophisticated.
...
GameStop Mania Drives Scrutiny of Payments to Online Brokers
https://www.wsj.com/articles/gamestop-mania-drives-scrutiny-…
...
The Reddit-fueled frenzy in stocks such as GameStop Corp. and AMC Entertainment Holdings Inc. is prompting calls for regulators to reconsider a decades-old practice in the U.S. stock market: payment for order flow.
The practice, in which high-speed trading firms pay brokerages for the right to execute orders submitted by individual investors, has long been controversial. Some say it warps the incentives of brokers and encourages them to maximize their revenue at the expense of customers. Supporters, including many brokers and trading firms, say it is misunderstood and helps ensure that investors get seamless executions and good prices on their trades.
Either way, it is big money. Last year, brokerages such as Charles Schwab Corp. , TD Ameritrade, Robinhood Markets Inc. and E*Trade collected nearly $2.6 billion in payments for stock and option orders, according to an analysis of company filings by JMP Securities. The biggest sources of the payments were electronic trading firms such as Citadel Securities, Susquehanna International Group LLP and Virtu Financial Inc.
Such firms make money by selling shares for slightly more than they are willing to buy them, and pocketing the price difference.
They are willing to pay for order flow from online brokerages because they are less likely to lose money trading against individual investors than on an exchange, where traders tend to be larger and more sophisticated.
...
Antwort auf Beitrag Nr.: 66.823.468 von faultcode am 04.02.21 17:42:28
-->
=> meine Prognose:
• Chamath Palihapitiya wird sich Anwälte suchen und irgendwann in 2021 das Twittern einstellen: https://twitter.com/chamath
• so wie in 2020 Trevor Milton/Nikola Motor: https://www.wallstreet-online.de/diskussion/1326003-241-250/…
und das wäre dann der Anfang vom Ende für Chamath als "Starinvestor" (DER AKTIONÄR im März 2020: https://www.deraktionaer.de/artikel/medien-ittk-technologie/…)
Ein kleiner Ausschnitt: https://hindenburgresearch.com/clover/
"King of SPACs"
Hindenburg Research mit einem Thread zu Clover Health: https://twitter.com/HindenburgRes/status/1357317294473547777-->
=> meine Prognose:
• Chamath Palihapitiya wird sich Anwälte suchen und irgendwann in 2021 das Twittern einstellen: https://twitter.com/chamath
• so wie in 2020 Trevor Milton/Nikola Motor: https://www.wallstreet-online.de/diskussion/1326003-241-250/…
und das wäre dann der Anfang vom Ende für Chamath als "Starinvestor" (DER AKTIONÄR im März 2020: https://www.deraktionaer.de/artikel/medien-ittk-technologie/…)
Ein kleiner Ausschnitt: https://hindenburgresearch.com/clover/
Antwort auf Beitrag Nr.: 66.830.428 von faultcode am 04.02.21 23:35:04Chamath Ende 2017:
youtube.com/watch?v=PMotykw0SIk&feature=emb_logo
youtube.com/watch?v=PMotykw0SIk&feature=emb_logo
Antwort auf Beitrag Nr.: 66.830.428 von faultcode am 04.02.21 23:35:04
https://twitter.com/QuickDCapital/status/1357483765870821378
Zitat von faultcode: ...
=> meine Prognose:
• Chamath Palihapitiya wird sich Anwälte suchen und irgendwann in 2021 das Twittern einstellen: https://twitter.com/chamath
...
https://twitter.com/QuickDCapital/status/1357483765870821378
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