Citadel Securities Seeks Own License in China After Failed Bid

Ken Griffin’s Citadel Securities has opted to establish its own brokerage operation in China after failing in its bid for Credit Suisse’s onshore business and seeing no viable alternative takeover targets, people familiar with the matter said.

The US firm, part of Griffin’s sprawling hedge fund and trading empire, is preparing an application to the China Securities Regulatory Commission for brokerage, asset management and proprietary trading licenses, the people said, asking not to be named as plans have not been made public.