Remco Lenterman to Join Citadel to Boost European Market Makingby
Lenterman left IMC in 2015 after five years in Amsterdam
Citadel sees regulatory changes in Europe as big opportunity
Remco Lenterman, who left automated trading firm IMC Financial Markets last year, will join Citadel Securities as head of global business development.
Lenterman, 49, a prolific tweeter on market-structure issues, will start at Citadel’s London office in September, according to an e-mailed statement. The hire comes as Citadel looks to expand in Europe as regulators there overhaul financial markets in much the same way U.S. authorities did with the Dodd-Frank Act of 2010. Citadel lobbied strongly for many changes in Dodd-Frank such as mandatory clearing for most swap trades and has seen its market-making business benefit from the changes.
Lenterman’s “deep knowledge of market structure and the regulatory landscape provides an excellent foundation for his role in driving growth globally and expansion across our core markets and into new, diverse product lines,” Peng Zhao, global head of market making for Citadel Securities, said in the statement.
Citadel has been able to break into market making for credit-default swap indexes and interest-rate swaps in recent years and has expanded its Treasury bond business as well. Lenterman will help the firm expand on its existing business as well as identify new areas to enter, according to the statement.
“The securities industry is in the midst of a transformation, where non-bank market-making firms are entering markets historically dominated by the traditional bank-dealers,” Lenterman said in the statement. “Citadel Securities is better positioned than any other firm to capitalize on this.”
He spent five years at IMC in Amsterdam as a managing director where he focused on global corporate development before leaving in August 2015. He left IMC because his family wanted to move back to London, he has said. Prior to that he was a managing director at Goldman Sachs Group Inc.