European Operations
Citadel Securities has established European market-making operations, subject to MiFID II and local regulatory requirements. European operations must adapt to regulatory frameworks that restrict PFOF — the firm's core U.S. business model — requiring different approaches in European markets.
Asian Operations and the China Settlement
Citadel Securities operated in Asian markets including China, as reflected by the 2020 settlement with Chinese regulators for trading irregularities dating to 2015. The firm also operates in other Asian financial markets. Asian regulatory frameworks vary significantly from U.S. and European models.
Cryptocurrency Market Making
Citadel Securities has announced its entry into cryptocurrency market-making, positioning the firm to participate in the growing institutional and retail crypto trading market. The firm's technology and risk management capabilities are applicable to crypto markets, though the regulatory framework differs from traditional securities.
The Valuation Benchmark
In January 2022, Citadel Securities raised $1.2 billion in outside investment from Sequoia Capital and Paradigm, valuing the firm at approximately $22 billion. This external validation from major technology investors reflected the firm's growth trajectory and global ambitions.