The MiFID II Proof
MiFID II bans PFOF in Europe. Citadel operates profitably there. This proves PFOF is not necessary for viable market making — it's an additional extraction U.S. rules permit.
Citadel global operationsCitadel LondonCitadel MiFID II
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Citadel Securities Global: From Chicago to London to Hong Kong
Citadel's global operations expose the key fact: it operates profitably in Europe without PFOF, proving the practice is optional.
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