Citadel Securities Expands into FX Market-Making


Citadel Execution Services (CES), a division of Citadel Securities LLC , a firm which specializes in U.S. equities and options, has expanded its market-making capabilities to the spot FX market and is partnering with Shift Forex, a leading FX industry consultancy to drive further innovation in the market.

Designed to meet the growing demand from FX participants for unique liquidity, CES’s foreign exchange offering includes pricing and service levels in line with Tier 1 bank providers, with the flexibility and customization of leading non-bank providers. CES’ FX capabilities allows brokerages to better identify, quantify, and manage FX risk on a per-trade basis.

“Just as we saw with exchange-traded assets, foreign exchange is becoming increasingly specialized,” said Jamil Nazarali, Head of Citadel Execution Services. “CES has built out a market leading platform in equities by developing powerful technology and trading algorithms. We seek to bring the same level and quality of liquidity to the FX market, helping enable brokerages to lower their execution costs and ultimately offer a better service to their clients.”

Shift Forex, which has footprints in London and New York, will provide additional services to CES’s FX clients. Justin Gilmore, co-founder of Shift Forex, noted, “The way FX liquidity is sourced and distributed is changing rapidly, and brokerages who embrace the transition will be the biggest beneficiaries. CES’s entry means the landscape will change that much more quickly; Shift Forex is proud to be a part of it.”

CES’s FX offering is fully operational and trades with buyers and sellers on most major FX venues and directly for a number of brokerage clients.  Additional currency pairs and capabilities will follow in the coming months.

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Citadel Securities Expands into FX Market-Making

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