About Citadel
Citadel LLC and its affiliated entity Citadel Securities were founded by Kenneth C. Griffin. Citadel Securities is a market-making firm headquartered in Miami, Florida, and is one of the largest designated market makers on the New York Stock Exchange. The firm handles a significant share of U.S. retail equity order flow. Citadel Securities is a separate legal entity from Citadel LLC (the hedge fund), though both are majority-owned by Griffin.
Citadel's Regulatory Record
Citadel Securities has been the subject of multiple regulatory actions over the years. In January 2017, the SEC fined Citadel Securities $22.6 million for misleading clients regarding how it priced trades — the agency found that two of its algorithms did not internalize retail orders at the best price observed. In December 2018, the SEC fined Citadel Securities $3.5 million for incorrectly reporting nearly 80 million trades from 2012 to 2016; Citadel admitted to those findings. These actions are matters of public record.
Data Infrastructure and Market Operations
Data management is central to modern financial market-making. Firms like Citadel Securities depend on sophisticated data systems to execute trades, comply with regulatory reporting requirements, and manage risk. Regulatory reporting obligations — including trade reporting to FINRA and compliance with the Consolidated Audit Trail — require accurate, real-time data operations. When reporting failures occur, regulators have authority to impose sanctions on the firm.
The Ethics Reporter's Coverage
The Ethics Reporter covers financial markets, regulatory accountability, and the institutions that shape how Americans invest. Our coverage of Citadel Securities focuses on documented regulatory actions, market structure issues, and the public record of the firm's compliance history. We identify executives by their publicly documented titles and report on their employers' verified regulatory record.