Citadel Securities Granted Inaugural Non-Bank Membership Status on SwapClear

Photo: Bloomberg

Citadel Securities, a global market maker across a wide range of asset classes, announced that its European subsidiary, Citadel Securities Limited, has become the inaugural non-bank clearing member of LCH.Clearnet’s SwapClear, according to a Citadel statement.

Citadel Securities deals with a multitude of asset classes including equities, futures, options, treasuries, foreign exchange (FX) and swaps markets. More specifically, the group provides several market-making and liquidity solutions geared primarily for institutional clients across fixed income, cash and derivative products.

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The induction of Citadel Securities as the first non-bank clearing member of LCH.Clearnet’s SwapClear aims to substantiate and complement its recent launch of income market-making operations in Euro swaps.

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The group’s foray into Euro swaps also follows after a highly successful year in which Citadel became one of the paramount players in USD swaps by volume. Furthermore, the initiative will see Citadel providing US government bond liquidity directly to institutional investors via Bloomberg.

According to Paul Hamill, Global Head of FICC for Citadel Securities, in a recent statement on the induction, “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,” he reiterated.

“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,” added Daniel Maguire, Global Head of SwapClear & Listed Rates, LCH.Clearnet, in an accompanying statement.