[ I N D U S T R Y
P R O F I L E
off-the-run Treasuries, could see
Citadel’s presence in the market
increase.
The broker-dealer also made a
big move by joining TradeWeb’s
electronic US Treasuries trading
platform as a liquidity provider,
gaining access to more than 1,000
institutional traders.
As regulation in the US and Eu-
rope continues to impact trading,
White foresees even more oppor-
tunities for Citadel Securities to
benefit and expand, especially with
MiFID II on the horizon.
“Having everything that is subject
to clearing, traded on-venue would
be a very positive step for the
transparency of the industry.
“The clearing timeline puts de-
rivatives trading obligations even
further out in Europe. But I think
given the industry’s experience in
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the US, trading will migrate onto
venues easier because people are
used to the Sef regime and a lot of
system changes have already been
made on the back of that,” says
White.
Open access of trading venues,
as part of MiFID II and central
clearing for derivatives will be a
significant stimulus for expanding
Citadel’s market making model.
“You have to keep an eye on
Europe, as there are so many
“People in fixed
income are being more
technically savvy
and interested in
technology.”
developments coming off the back
of MiFID. The model that we adopt
depends on what our clients need
and demand,” adds White.
‘Never eat alone’
Working her way up Morgan Stan-
ley’s trading hierarchy, as well as
the move to Citadel Securities, has
been no easy feat for White.
Certainly the times have changed
throughout the derivatives industry.
It is taking huge steps away from
its traditional “Wolf of Wall Street”
representation, to one that is mak-
ing strides to become more diverse.
This is certainly true in trading,
White believes. “You never want
all your traders to have the same
trading styles and approaches. You
want diversity in thinking about
trading, which comes from differ-
ent backgrounds. Gender diversity
Hires Yanfeng Chen from Credit
Suisse and Paul Hamill, former
global head of currencies, rates
and credit execution services at
UBS, to run its new global FICC
market making business.
2014
2015
Hires Chris Watts, former senior
trader at BNP Paribas, and Brian
Oliver, former EMEA head of
clearing sales at JP Morgan, to
help Citadel Securities expand in
Europe.