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Citadel Securities Reaps Record $6.7 Billion on Volatility

  • Firm brought in $6.7 billion of net trading revenue in 2020
  • Market maker seeks loan for debt repayment, trading capacity
Ken Griffin
Ken Griffin

Photographer: Patrick T. Fallon/Bloomberg

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Citadel Securities went from strength to strength in 2020, as the pandemic spurred wild swings across finance. To cap the tumult, Ken Griffin’s firm, one of the world’s biggest market makers, just posted record revenue -- some of it from a rapidly constructed Florida trading floor.

Fourth-quarter net trading revenue of $1.7 billion brought the firm’s full-year total to $6.7 billion, almost double the previous high in 2018, according to a presentation to investors. The surge came after some of its traders decamped from Chicago and New York to set up shop in a Palm Beach hotel in late March as the pandemic upended lives and markets across the globe.