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Citadel Securities Doubled Profit as Dominance Grew in 2020

  • Its net income surged to $2.36 billion in first half of year
  • Firm handled 28% of U.S. equity volume in past three months
Updated on

In the last week of March, with the Covid-19 pandemic upending lives and markets, Ken Griffin started building a temporary trading floor in Florida.

Citadel Securities mostly abandoned its Chicago and New York offices and set up shop at the Four Seasons Palm Beach, moving dozens of employees and their families. Others went to an emergency facility in Connecticut, moves designed to keep his market-making firm operating seamlessly as the rest of the financial world dealt with wild swings and extraordinary trading volumes from makeshift home offices.