We are one of the most significant alternative investment managers in the public U.S. corporate credit markets. endstream sale 11 0 obj Our work is powered by the deepest integration of financial, mathematical and . endobj /Type /FontDescriptor It invests in residential mortgage assets to generate current yields and risk-adjusted total returns for its stockholders over the long term, primarily through dividend distributions and secondarily through capital appreciation. stream As a result, big banks capable of absorbing large losses were the preferred counterparties. They're also gaining share in interest rate swaps and Treasury bonds, and keeping an eye on the "very large percentage of the world's asset classes that don't trade electronically". While hedge funds are an option for institutional and high-net-worth investors, individuals without a high net worth may benefit from more . They're about to learn that amid the uproar, the financial giant had its best year ever. Thomas H. Lee Partners Managing Director is Joshua Zeitz, who is also Head of Communications at Citadel Securities. /Widths [ Ken Griffin's Citadel Securities sells $1.2bn stake to Sequoia and Paradigm. While the banks tend to have big scale, he said, its really difficult for them to be as agile as some of the smaller guys, to pivot and to update infrastructure.. /Flags 32 A spokesperson for Citadels hedge funds declined to comment. Thomas H. Lee, a man with a ~$2 billion net worth took his own life yesterday. Click here to get the full experience on your screen. J.B. Pritzker. 5 0 obj The firm made money in each of its five core strategies, which also include fixed income and macro, quant and credit, according to a person familiar with the returns. The firm could be in line for more lucrative assignments as startups bypass traditional public offerings for so-called direct listings. Citadel Named a Top 50 Company in the U.S. by LinkedIn. /Widths [ Mar 1, 2022. A deep and surprising drop in Tiffany shares this week came amid chatter that it was sparked by a trader's recent departure at billionaire Ken Griffin's hedge fund Citadel Investments, sources . Such a move might invite fresh scrutiny. /FontBBox [ -628 -376 2000 1056 ] Then in July 2016, with great fanfare, Griffin handed the job to former Microsoft Corp. operating chief Kevin Turner. /FontDescriptor 9 0 R His net worth as of Jan. 23, 2023, puts him in the #42 spot worldwide for wealth. LogIn/SignUp For Employers . 666 777 722 666 610 722 666 943 2004-2023 GuruFocus.com, LLC. Priyanka will be seen in "Citadel" as a . Article continues . %PDF-1.3 600 600 600 600 600 600 600 600 Billionaire hedge fund owner commits to Chicago, Citadel hedge fund said to gain 9% in strong multi-strategy year, The harshest mayor's race in years is being fueled by unions and Citadel donors, Developers unveil plans to turn LaSalle Street offices into apartments, Fertilizer giant slashes HQ space with move to Northbrook, The inside story of how Chicago won the $250M Chan Zuckerberg Initiative biotech research lab. After several years of growing tensions, the potential for a reset under Australia's new Labor government is in question as trade sanctions remain and diplomatic disputes persist. That's around $6.5 billion more than its previous estimate. << 333 736 370 556 583 0 736 552 Refer a Friend and Earn One Month of Free Membership, Cherry Hill Mortgage Investment Corp (CHMI). Our people succeed as a team. It also serves more than 1,600 institutional clients, including sovereign wealth funds and central banks, the spokesperson said. << /Filter /FlateDecode /Length 2919 /Length1 5536 >> At Citadel Securities, there are no investor funds, so the efforts of its employees primarily benefit those who own the business. 13 0 obj Ken Griffin, founder & CEO of Citadel, spoke to the Economic Club of Chicago on Monday. Billionaire Ken Griffin, founder and CEO of the hedge fund Citadel, hinted Monday that he might move his companys headquarters from Chicago, saying the crime makes the city more akin to a war-torn country. 610 556 556 556 556 500 556 500 Contributions in the 2022 cycle: $72,741,177. Griffins flagship hedge fund operated separately by Citadels investment management business also posted big gains last year, jumping 38% thanks to strong performance in everything from equities to commodities, according to a person familiar with the returns. Citadel Securities, founded by Ken Griffin in 2002, is separate from hedge fund Citadel, the $43 billion enterprise that has boosted Griffin's net worth to $21.3 billion. The firm, which is 85%. /Ascent 905 /FontBBox [ -665 -325 2000 1040 ] Through our trading, research and technology, we move markets forward. The rise of Citadel Securities also has been helped by regulations meant to reduce risk in the financial system. 722 722 777 777 777 777 777 583 /CapHeight 500 Citadel Securities to Receive First Outside Investment - WSJ Skip to Main Content Skip to Search Skip to. Cherry Hill Mortgage Investment Corp (CHMI)'s detailed insider trading history can be found in Insider Trading Tracker table. , and ] Mr. Griffin, whose net worth was most recently estimated at $21 billion, is believed to own about 85 percent of the securities unit, according to Bloomberg. 1 0 obj 600 600 600 600 600 0 600 600 Citadel Securities has posted 12 consecutive quarters of net trading revenue in excess of $1 billion, he said. Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. 556 556 333 500 277 556 500 722 333 1000 500 333 943 0 500 666 333 556 556 500 556 556 277 556 The business found itself at the center of the GameStop frenzy in January 2021, when many retail investors accused Citadel Securities of pressuring Robinhood to suspend trading in the meme stock. Its operating segments are Polyurethanes, Performance Products andAdvanced Materials. The Securities and Exchange Commission today announced that Citadel Securities LLC has agreed to pay $22.6 million to settle charges that its business unit handling retail customer orders from other brokerage firms made misleading statements to them about the way it priced trades. Measure your market worth and compare with others. /Subtype /CIDFontType2 a net Chicago, IL 60601 CITADEL SECURITIES LLC Section Title Report Summary Firm History CRD# 116797 1 9 Firm Profile 2 - 8 Page(s) Firm Operations 10 - 40 Disclosure Events 41 Please be aware that fraudsters may link to BrokerCheck from phishing and similar scam websites, trying to steal your personal information or your money. Outside Spending in the 2022 cycle: $0. Billionaire Ken Griffin's $34 billion fund already made headlines when it set up a bubble in the Palm Beach Four Seasons for its Citadel Securities trading floor in April so market-makers. as well as other partner offers and accept our, Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images, A 23-year market veteran shares the 5 best pockets of the market to hide in during the growth stock bloodbath and why inflation and Omicron fears are overblown, accused Citadel Securities of pressuring Robinhood, Registration on or use of this site constitutes acceptance of our. . If thats the case, his stake in Citadel Securities alone would be valued at some $18 billion. /Subtype /TrueType At Citadel Management Ltd., 218 employees received an average of $1.1m each last year in Europe. Revenue. To contact the reporters on this story: Katherine Doherty in New York at kdoherty23@bloomberg.net; Citadel Securities accused the SEC of having "ignored" evidence that retail investors would be "harmed . Enjoy a 7-Day Free Trial Thru Mar 12, 2023! . Citadel LLC. Here's what billionaire and Citadel found Ken Griffin thinks about Russia, Ukraine, sanctions and market volatility. 1015 666 666 722 722 666 610 777 In response, Griffin said his firm was well positioned to provide liquidity because it captures and processes data better than banks, allowing Citadel Securities to offer prices with more confidence during times of market stress. The firm has said it handles about 40% of all US retail trading volume and one in every four US equities trades. iIxBQ\@kB3m Waj^WL7y>_2^89B/{(eF D:_aY1FJx=y&HB:vC d xU#cB]*^,#7c9sJOgY2r"\sm3*'vE47' CimZTS#a,?arJlYf5 _;peMTv;tK$rU2Px=(C%V0pN?U,A^N. 600 600 600 600 600 600 600 600 556 556 556 556 556 556 889 556 , 975 722 722 722 722 666 610 777 Hope project and 100% of the Liberty project. Their smaller size and highly targeted business models make it easier to respond to changes and improve technology. 600 600 600 600 600 600 600 0 Sr. MD & Retail Brokerage Michael Jos. Gurus may be added or dropped from the GuruFocus site at any time. Some market participants say the payments promote conflicts of interest and should be banned, but others say they improve order execution for retail investors. /FontDescriptor 13 0 R "Bloomberg Opinion" columnists offer their opinions on issues in the news. . 1.36% of United States existing home sales. 666 666 666 666 666 666 1000 722 On December 10, 2018 the Securities and Exchange Commission fined Citadel Securities $3.5 million for the following: "From November 2012 to August 2016, Citadel submitted 2,774 EBS to the Commission, all of which contained deficient information, resulting in incorrect reporting of trade execution time data for approximately 80 million trades. He was gone shortly after the start of the following year. 600 600 600 600 600 600 600 600 Other recent insider transactions involving Motive Capital Corp II (MTVC) include 556 556 556 556 277 277 277 277 In U.S. retail market making, with 37% U.S.-listed retail volume executed through our platform, Billions of dollars in trades executed a day (approximate notional value in 24 hours, excluding swaps), Consecutive years as a Risk Awards Flow Market Maker of the Year, from 2017 to 2022. It just brings alertness and focus to the game., White Sox notebook: Benintendi, Anderson, Alberto, Saturdays win. [/PDF /Text /ImageC] Griffin said there is still time for Chicago and the state to reverse course, citing solutions he has proposed before. The Most Powerful Women In Chicago Business. Ken Griffin, the chief executive of Citadel. 777 722 722 722 722 666 666 610 556 556 277 277 583 583 583 556 600 600 600 600 600 600 600 600 Lobbying in 2022: $300,000. Powerful predictive models. sale Citadel Investment Group has done relatively well for itself through the coronavirus outbreak. Brett Harrison is the President of FTX US, a US-regulated cryptocurrency exchange. And the Citadel founder spent more than $46 million to defeat Pritzkers graduated income tax proposal in 2020. What attracts top talent to Citadel Securities? articles a month for anyone to read, even non-subscribers! Ken Griffin Talks Russia, Market Chaos and a Move to Go Public. Cherry Hill Mortgage Investment Corp (CHMI) Its product portfolio comprises Methyl diphenyl diisocyanate (MDI), Amines, Maleic anhydride, Epoxy-based polymer formulations. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. sale /Name /F2 Theres still some major concerns, Chicago mayor candidate Brandon Johnson in Selma for Bloody Sunday march. . 131 [457 ] Citadel Securities has become a trading giant, dominating market making for stocks and options. >> It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Systems that scale. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. "Bloomberg Opinion" columnists offer their opinions on issues in the news. , Yesterday Sequoia Capital and Paradigm shared they had invested nearly $1.2 billion into Citadel Securities, the market maker that came under attack during the GameStop saga that revealed some. purchase The gains at the hedge fund and securities business were earlier reported by the Wall Street Journal. But when swaps are traded through an exchange, its the exchange that takes on the risk, making the quality of the counterparty irrelevant while also improving price transparency. Seritage Growth Properties (SRG) 333 1000 666 333 1000 0 610 0 endobj Founded in 1990 by Ken Griffin, it has more than $62 billion in assets under management as of December 2022. 333 556 556 500 556 556 277 556 It succeeded by being leaner and more technology-driven than bigger competitors, but also by taking advantage of regulations that hobbled those rivals. Citadel Securities, a top trading firm, sells a stake to Silicon Valley investors. 556 556 277 277 583 583 583 556 Controller/Principal Acctg Off Amanda Corrion Portofino provides institutional and high-net-worth individual investors with crypto liquidity . Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. 666 666 610 277 277 277 469 556 Will His AI Plans Be Any Different? 777 722 722 722 722 666 666 610 Fourth-quarter net trading revenue of $1.7 billion brought the firms full-year total to $6.7 billion, almost double the previous high in 2018, according to a presentation to investors. /CapHeight 500 /Descent 211 That didnt slow it down much. Citadel Securities now employs about 700 people, up from 400 two years ago. Citadel Securities Llc made /Encoding /WinAnsiEncoding Fondata nel 1990 da Kenneth Griffin, la societ gestisce due attivit principali: Citadel, uno dei maggiori alternative asset manager al mondo, con pi di US $ 35 miliardi di asset . 722 277 500 666 556 833 722 777 4 0 obj Wealth-X estimates that Griffin's net worth includes about $460 million from his ownership stake in Citadel, the hedge fund he founded in 1990, just a year after he graduated from Harvard. Sequoia is one of Silicon Valleys top venture firms, having backed the likes of Apple, DoorDash and WhatsApp. We leverage our strengths to provide liquidity you depend on. Now its his powerhouse market maker thats driving the bulk of his fortune to new heights. 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Griffin, 51, earned about $870 million from his hedge fund in 2018, itself a stunning payday that funded a remarkable appetite for high-end real estate and philanthropy. Citadel's founder discussed his views on `Bloomberg Wealth with David Rubenstein.'. 277 277 354 556 556 889 666 190 722 722 777 777 777 777 777 583 666 666 610 333 277 333 583 556 666 666 666 666 666 666 1000 722 333 1000 666 333 1000 0 610 0 He later established Citadel Securities, the trading firm that serves asset managers, banks, broker-dealers, hedge funds, government agencies and public pension programs. Above is the net worth, insider trading, and ownership report for Citadel Securities Llc. They include reforming the citys pension system, beefing up law enforcement and improving the citys schools. /FirstChar 32 Eight years ago, Citadel Securities was looking like a failed experiment. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 722 722 777 777 777 777 777 583 666 666 666 666 277 277 277 277 /LastChar 255 Sure, it hasn't returned 36% like Mr. Seattle Basketball, but it also hasn . But his unfamiliarity with the world of finance came through during client meetings, where his management cliches and business-book catchphrases led to some uncomfortable encounters, Bloomberg reported at the time. Citadel Securities LP was thrust into the spotlight in 2021, with day traders, lawmakers and regulators all scrutinizing the firm at the center of one of the U.S. stock market's wildest periods. Citadel Securities seemingly began to lay the groundwork for its own debut in the space back in January when it opened itself up to outside investors for the first time by raising $1.15 billion. I mean Chicago is like Afghanistan, on a good day, and thats a problem.. >> During the past 18 months, 963,410 shares of Seritage Growth Properties (SRG) were sold and 0 shares were bought by its insiders, resulting in a net /Type /Font Powerful predictive models. /Type /Font E-Trade is one of the largest direct-to-investor platforms in the United States and housed over $500 billion of invested assets and client cash at the end of 2019. 333 333 365 556 833 833 833 610 500 500 500 333 259 333 583 0 556 222 222 500 222 833 556 556 /FontDescriptor 5 0 R It ranks as the eleventh largest hedge fund manager in the world. The effort ended after about two years. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Past performance is a poor indicator of future performance. /Descent 211 Other key executives at E*TRADE Financial Corp include Its institutional business now has more than 1,600 clients, while it also works with consumer-facing brokerage firms like Robinhood. Citadel Securities may be even more lucrative -- with profit margins that he has previously said should exceed 30%. The path New York is on is a scary path.. << /Widths [ David Inggs is Global Head of Operations at Citadel and is responsible for all products across Asset Servicing, Billing, Cash Management, Clearing, Collateral Management, Reconciliation & Control, Regulatory Reporting, and Settlements. /Registry (R\( {) The growth of Citadel Securities is even more remarkable considering its history of management turnover. endobj 600 600 600 600 600 600 600 600 At the end of Q3 2019, Citadel Advisors' portfolio of publicly traded securities was worth around $212.04 billion. << Citadel Securities, the powerful trading firm that serves brokerage firms like Robinhood, said on Tuesday that it had sold a stake to the venture capital firms Sequoia Capital and Paradigm for $1.15 billion, uniting an established financial giant with two top Silicon Valley investors. 333 736 370 556 583 0 736 552 /FirstChar 32 0 222 222 333 333 350 556 1000 /Type /Font Getting faster is expensive, but its actually kind of easy, Tabb said. >> >> The billionaire sold a $1.15 billion stake in Chicago-based Citadel Securities to Sequoia Capital and Paradigm, valuing the firm at approximately $22 billion. Access your favorite topics in a personalized feed while you're on the go. /Type /Font Seritage Growth Properties is engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Seritage is principally engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. Dozens of employees were dismissed as the firm focused anew on electronic trading. Citadel Securities is the nation's biggest equity and options market maker, responsible for one in every five stock trades in America and 40% of the retail equity volume. 2 / Civic Leadership Citadel and Citadel Securities Partner with Thrive Scholars to Unlock Opportunities for High-Achieving Students of Color From . Louis Bacons Moore Capital Management, founded two years before Citadel, was one of the latest victims. EVP of Investments Andrew Galvin endobj Technology has fueled the rise of nonbank market-makers, according to Tabb. endobj For now, those investments are thriving. Citadel Securities brought in $1 billion of earnings before interest, taxes, depreciation and amortization last quarter and $4.1 billion for the year, also a record. ] One of the worlds largest trading firms, Citadel Securities ramped up market-making outside the US and expanded in Treasuries and rate swaps including Tokyo. 600 600 600 600 600 600 600 600 of 411,105 shares. He began and spent the majority of his career at Jane Street, where he led the . GuruFocus.com is not operated by a broker or a dealer. 666 666 666 666 666 666 1000 722 << 610 610 389 556 333 610 556 777 /Flags 36 /Encoding /WinAnsiEncoding 0 222 222 333 333 350 556 1000 /FontName /Arial Save. /Subtype /TrueType Bruce Rauner, pumping more than $36 million into the venture capitalists campaigns. /Type /FontDescriptor Last year, at the CNBC Institutional Investor Delivering Alpha Conference, Griffin was asked whether his firm had become too big to fail. and endobj Griffin owns at least 75% of both businesses. 556 556 556 556 277 277 277 277 . >> You might contact Citadel Securities Llc via mailing address: 131 South Dearborn Street, Chicago Il 60603. 333 736 370 556 583 0 736 552 1015 666 666 722 722 666 610 777 722 277 500 666 556 833 722 777 Late last year Griffin bought a copy of the US Constitution for $43.2m, beating a . But those talks ended without a deal, people familiar with the matter said in October. During the past 18 months, 0 shares of Huntsman Corp (HUN) were sold and 25,000 shares were bought by its insiders, resulting in a net 130 E. Randolph St. 333 333 365 556 833 833 833 610 Shares in Silvergate jumped after the disclosure, and were last up about 14%. [54] They delayed certain equity orders from clients to buy or sell shares while continuing to trade the same stocks in its own account as part of its market-making activities, according to FINRA. JPMorgan estimates companies will buy back $800 billion worth of their shares by the end of 2018, a more than 50% increase from last year. Sponsored Content: Global Tax Rules Take Shape Whats Next for Multinational Companies? His replacement, Patrik Edsparr, who had been brought in from JPMorgan, lasted just seven months. All Rights Reserved. Citadel Securities trades in more than 35 countries and is responsible for executing over 20% of equity orders. sale 600 600 600 600 600 600 600 600 /StemV 0 Its geographical segments are the United States & Canada, Europe, Asia- Pacific, and the Rest of the world. Employees at Citadel earn an average of $379k, mostly ranging from $294k per year to $867k per year based on 273 profiles. of 963,410 shares. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. , 600 600 600 600 600 600 600 600 Will His AI Plans Be Any Different? /StemV 0 12 0 obj of 10,000 shares made by David M Stryker Other recent insider transactions involving Seritage Growth Properties (SRG) include It even attracted interest earlier this year from Blackstone Group Inc., which weighed investing in Citadels hedge fund and market-making businesses. /Descent 300 The regulatory overhaul that followed the financial crisis created a more level playing field, said Ahmed, the Citadel spokesman. Missing Crain's in print? The richest person in Illinois, Griffin has a net worth of $16 billion, according to Forbes. /Descent 211 A memorandum tied to a recent bond offering shows that about 20% of Citadel LPs $32.2 billion of assets under management come from principals and employees. . 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Griffin, a prominent collector, recently used some of his immense wealth to buy a copy of the US Constitution for $43.2 million in an auction at Sotheby's. It is engaged in the business of exploration, development, and mining of properties containing molybdenum. , /LastChar 255 no insider transaction in Huntsman Corp (HUN). 556 556 500 389 279 389 583 0 600 0 600 600 600 600 600 600 The full-year results follow a record first half of 2022, which brought$4.2 billionin net trading revenue amid wild swings in markets including stocks, Treasuries and derivatives, Bloomberg reported. Citadel managed $54.5 billion across its various funds as of Jan. 1. The first company Citadel was started by the founder Ken Griffin out of his dorm room at Harvard University trading convertible bonds. >> Last years returns followed a strong 2020 and 2021, when the hedge fund posted more than 20% in each of those years. >> 8 0 obj 777 722 722 722 722 666 666 610 He pushed back. (Bloomberg) Citadel Securities raked in a record $7.5 billion in 2022, capitalizing on last year's volatility and raising its presence as one of the largest trading units in the US. 277 277 354 556 556 889 666 190 Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |, Here are 8 UK universities offering paid internships to international students, Analysts say unfavourable fiscal policy slowed down FDI inflow into Nigeria; hopeful of Tinubus business focus, Why Nigerian startups are attracting more funding amid decline in FDI Stephen Osho. Citadel Securities Llc is the 10 percent owner of General Moly Inc. /Flags 32 /CapHeight 500 Source: LCH Investment NV estimates, Top Hedge Fund Managers by Net Gains Since Inception as of 12/31/2022. 7 0 obj 10 percent owner Citadel Advisors Llc 277 333 556 556 556 556 259 556 Citadel Securities said on Tuesday venture capital firm Sequoia Capital and crypto-focused investment company Paradigm had made a $1.15 billion minority investment in it, giving the market maker . Together, weve imagined, innovated and created a next-generation platform that operates at global scale. Citadel Securities - Next-Generation Capital Markets Firm Incredible people. Inspired by unmatched resources, exciting challenges and rich learning opportunities, our people quickly build remarkable careers. Winners of the Putnam Competition, Gordon Bell Prize and International Olympiads in Math, Physics, Chemistry and Informatics2, Team members who hold an advanced degree2, PhDs across 40+ fields of study, from applied mathematics and computer engineering to bioinformatics and geophysics2. Last year, helped by increased volatility, their labors produced gross revenue of $5.7 billion, which excludes certain trading expenses. >> Griffin hasnt shown much sympathy for the competitions woes. Citadel Securities Llc is the 10 percent owner of Cherry Hill Mortgage Investment Corp. Total income from the hedge fund business, including investment returns for its owners, exceeded earnings from Citadel Securities before 2018 and probably will again this year, according to a person with knowledge of Citadels results. . The billionaire whose biggest asset is Citadel Securities started off the year great as he gained over $9.52 billion as a result of an increase in the share price by 44.7% from the beginning of the year. In summary, during the past 3 months, insiders sold 411,105 shares of Seritage Growth Properties (SRG) in total and bought 0 shares, with a net The banks were accused of agreeing to boycott the exchange as long as Citadel was involved. In summary, during the past 3 months, insiders sold 0 shares of Cherry Hill Mortgage Investment Corp (CHMI) in total and bought 0 shares, with a net (3) Two Sigma Securities Like Citadel, Two Sigma is comprised of an asset manager and a market maker. . /ItalicAngle 0 Other recent insider transactions involving Huntsman Corp (HUN) include Citadel Securities has carved out a unique place in the financial markets through its ability to absorb and price risk using techniques and capabilities from far outside the traditional world of Wall Street, Alfred Lin, a Sequoia partner who will take a seat on Citadel Securities board, said in a statement. VP & Controller Steven C. Jorgensen