Citadel Securities, a leading global market-maker across the equities, futures, options, treasuries, FX and swaps markets, today announced that Citadel Securities (Europe) Limited has become the first non-bank clearing member of LCH.Clearnet’s SwapClear, an interest rate derivatives clearing service.
Paul Hamill, Global Head of FICC for Citadel Securities, said, “Joining LCH.Clearnet as the first non-bank member on SwapClear marks an important milestone in the evolution of our fixed income market-making business, and the swaps market overall. We are grateful to LCH.Clearnet for their partnership, and are proud to represent one of the few sources bringing much needed additional liquidity to the market. We see strong demand from investors for our model of providing firm, consistent liquidity in large size and in all markets. Becoming a self-clearer further strengthens the foundation of the business and our commitment to the swaps market.”
Daniel Maguire, Global Head of SwapClear & Listed Rates, LCH.Clearnet, said: “We are pleased to welcome Citadel Securities as a direct member of SwapClear and we look forward to working in partnership with them in their global clearing activities.”
Citadel Securities—through its Citadel Institutional Solutions group—provides market-making and innovative liquidity solutions for institutional clients across fixed income cash and derivative products. Since launching an interest rate swaps market-making business nearly a year ago, Citadel Securities has become a top provider of liquidity to the interdealer market, and has become the #1 market maker in USD swaps by volume on the largest dealer-to-client SEF venue operated by Bloomberg L.P.
Citadel Securities becoming the first non-bank clearing member of SwapClear complements the recent launching of the firm’s European fixed income market-making operations in Euro swaps and providing U.S. government bond liquidity directly to institutional investors over Bloomberg.