Policy Positions

Citadel believes that fair, open, competitive, and transparent markets best serve the needs of all participants.

Investment Adviser Regulation

Citadel believes that investors play an essential and beneficial role in financial markets, engaging in fundamental research and enhancing price discovery and market efficiency. Citadel supports thoughtful regulatory oversight of investment advisers that recognizes the critical role active managers play identifying both under-valued and over-valued assets. By contrast, policies that compromise active managers’ ability to implement their investment theses will cause prices to deviate from their fundamental value and capital to be misallocated, to the detriment of all investors and the broader economy.

Comment Letter to SEC on Predictive Data Analytics Rule

Oct 10 2023

Comment Letter to SEC on Safeguarding Rule

Aug 11 2023

Comment Letter to SEC on Dealer Rule

June 7 2022

Comment Letter to SEC on Private Fund Adviser Rule

May 3 2022

Comment Letter to SEC on SBS Large Position Disclosure

Apr 21 2022

Comment Letter to SEC on Reporting of Securities Loans

Apr 4 2022

U.S. Treasuries

Citadel supports efforts to modernize the regulatory framework for the US Treasury markets, including the introduction of real-time public reporting, the registration of multilateral trading venues, non-discriminatory access to trading venues, and the expansion of repo clearing. Consistent with our longstanding commitment to more fair and efficient markets, we believe these changes will enhance transparency and resiliency in the US Treasury market and provide Treasury market participants with greater choice among trading venues and counterparties.

Comment Letter on FINRA Proposal to Disseminate Information on Individual Transactions in U.S. Treasuries

Nov 30 2023

Comment Letter on SEC Treasury Clearing Proposal

Dec 27 2022

Follow-up Response to the Treasury “Request for Information” on Additional Transparency for Secondary Market Transactions of Treasury Securities

Sep 23 2022

Response to the Treasury “Request for Information” on Additional Transparency for Secondary Market Transactions of Treasury Securities

Aug 31 2022

Comment Letter to SEC on FINRA’s Proposal to Publish Aggregated Transaction Information More Frequently

Jul 21 2022

Citadel Comment Letter on FICC Sponsoring Member Program

Mar 30 2019

OTC Derivatives

Citadel is a firm supporter of the G-20 reforms to the OTC derivatives markets, including the central clearing and trading requirements. These reforms have already begun and will continue to reduce interconnectedness and systemic risk, improve pre- and post-trade transparency, and foster an open, level, competitive playing field.

Comment Letter to CFTC on Clearing Agency Governance

Oct 10 2022

Comment Letter to SEC on Clearing Agency Governance

Oct 7 2022

Response to ESMA Consultation on Updating the Clearing Obligation & Trading Obligation to Reflect RFRs

Sep 30 2022

Response to BoE Consultation on Modifying the Clearing Obligation to Reflect RFRs

Jul 21 2022

Comment Letter to CFTC on Amending the Swap Clearing Requirement To Account for the Transition From LIBOR to RFRs

Jun 30 2022

Comment Letter to SEC on Rules Relating to Security-Based Swap Execution and Registration and Regulation of SBSEFs

Jun 10 2022

Other Financial Regulatory Policy Positions

Citadel believes in thoughtful, data-driven, policymaking across a broad array of topics.

Comment Letter on FINRA Proposal to Reduce TRACE Reporting Timeframe to One Minute

Feb 15 2024

Comment Letter on TMX Proposal to Amend Position Limits for Government of Canada Bond Listed Products

Jan 31 2023

Comment Letter to the CFTC on Project KISS

Sep 30 2017

Comment Letter to the CFTC on Regulation Automated Trading (Reg AT)

Mar 16 2016

Comment Letter to the CFTC on Position Limits (No. 2)

Aug 4 2014

Comment Letter to the EIA on the Monthly Natural Gas Production Report

Jul 7 2014

Foreign Exchange

Citadel supports the FX Global Code’s objectives of promoting a robust, fair, liquid, open, and appropriately transparent foreign exchange market, and believes that realizing these objectives requires a transition to fully firm pricing and the elimination of “last look” practices.

Comment Letter to the Global Foreign Exchange Committee on Last Look

Sep 21 2017