Inside the ICE House Podcast<\/a>, which is produced by Intercontinental Exchange.<\/p>\n\u201cWe\u2019re maniacally focused on being the best market maker.\u201d Esposito said, adding that the focus is backed up by numbers. \u201cWe account for about a third of the volume on the New York Stock Exchange, nearly a quarter of all U.S. equities trading, and over a third of U.S. retail trading.\u201d<\/p>\n
The firm\u2019s edge comes not just from its scale, but from the systems built to support it, according to Esposito.<\/p>\n
\u201cWe\u2019ve got over 300 PhDs at the firm,\u201d Esposito said. \u201cAnd they\u2019re not just brilliant quants and researchers. They\u2019re also designing and optimizing systems that can handle peak market stress and then some.\u201d<\/p>\n
Esposito said the firm builds and maintains capacity to handle five to ten times previous highs in market volume.<\/p>\n
Citadel Securities also keeps people on the floor of the NYSE. \u201cIt\u2019s not a question of whether the floor should be all-electronic or all-human. It\u2019s both,\u201d Esposito said. \u201cHumans provide judgment that matters, especially in volatile or unusual situations.\u201d<\/p>\n
That ability to remain steady under pressure is part of how the firm sees its responsibility in the market. \u201cOur market share goes up during periods of stress,\u201d Esposito noted. \u201cThat\u2019s when clients rely on us most. We\u2019re providing liquidity, we\u2019re providing two-way markets, and we\u2019re doing it when others pull back.\u201d<\/p>\n
He added that consistency is central to Citadel Securities\u2019 role in the market. \u201cWe don\u2019t get to pick our spots,\u201d Esposito said. \u201cOur job is to be there in all environments, when things are quiet, and especially when they\u2019re not. That\u2019s when clients count on us most.\u201d<\/p>\n
Looking ahead, the firm may expand into more asset classes, such as high yield bonds, emerging market debt, and mortgage-backed securities, as well as across geographies. \u201cIt\u2019s a natural extension of what we already do in rates, swaps, and Treasuries,\u201d Esposito said. Europe is a particular area of focus, where Citadel Securities believes it can compete on execution quality.<\/p>\n
Esposito also highlighted the firm\u2019s engagement with regulators and policymakers. From crypto market structure to event contracts to extended trading hours, Citadel Securities wants a seat at the table. \u201cWe want to be part of that dialogue. Regulation doesn\u2019t scare us \u2014 bad regulation does,\u201d he said.<\/p>\n
Internally, the firm is focused on staying ahead. \u201cWe have to constantly disrupt ourselves,\u201d Esposito said. \u201cWe don\u2019t want to be the ones caught off guard by a better way of doing things.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"At a time when many capital markets firms blur the lines between their institutional businesses, Citadel Securities keeps…\n","protected":false},"author":2,"featured_media":18703,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,467,56,54,55],"class_list":{"0":"post-18702","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/18702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=18702"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/18702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/18703"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=18702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=18702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=18702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}