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Public Policy

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

Equities & Options

The U.S. equity markets are the fairest, most transparent, resilient and competitive markets in the world. Citadel believes that competition and innovation have markedly improved conditions for all investors, who benefit from dramatically lower trading costs, improved market transparency and liquidity, and increased competition. We support regulatory efforts to ensure that U.S. equity markets continue to best serve the interests of all investors.

Jul 8 2014

Ken Griffin's Testimony to the Senate Banking Committee on Equity Market Structure and Electronic Trading

Jul 21 2014

Comment Letter to the SEC on Equity Market Structure Recommendations

Oct 13 2016

Comment Letter to the SEC on CHX's Liquidity Taking Access Delay Filing

Dec 27 2016

Comment Letter to the SEC on Nasdaq's Extended Life Order Attribute

Dec 12 2016

Comment Letter to the SEC on NYSE Data Fees

Apr 14 2016

Comment Letter to the SEC on the Proposed Interpretation Regarding Automated Quotations

OTC Derivatives – US

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.

Jul 18 2016

Comment Letter to the CFTC on the Expansion of the Clearing Mandate for IRS

Feb 2 2016

Comment Letter to the SEC on the Single-Name CDS Markets

Dec 19 2016

Comment Letter to the CFTC on the Cross-Border Proposal

Jul 25 2016

Comment Letter to the CFTC on Additional Clearing Submissions

Mar 7 2016

Comment Letter to the CFTC on Data Quality

Jul 13 2015

Comment Letter to the SEC on the Cross-Border Proposal

OTC Derivatives – Europe

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.

Nov 21 2016

Response to ESMA Discussion Paper on the Trading Obligation

Mar 8 2016

Response to FCA Consultation Paper on MiFID 2 Implementation

Sep 2 2016

Response to ESMA Consultation Paper on the Clearing Obligation for Category 3 Entities

Mar 23 2016

Response to ESMA Consultation Paper on OTC Derivatives Transaction Reporting

Jul 15 2015

Response to ESMA Consultation Paper on the Clearing Obligation Under EMIR (No. 4)

Mar 2 2015

Response to ESMA Consultation Paper on MiFID II (STP & Impartial Access)

US 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.

Nov 20 2015

Ken Griffin’s Keynote Address at the 2015 Roundtable on Treasury Markets and Debt Management

Apr 22 2016

Response to the Treasury “Request for Information” on the Evolution of U.S. Treasury Market Structure

Aug 15 2016

Comment Letter to the SEC on FINRA’s Treasury TRACE Reporting

Commodity Futures

Citadel believes that investors play an essential and beneficial role in the commodities markets. Investors’ research and analysis leads to greater transparency, facilitating more efficient economic decisions by commodity producers and consumers and optimizing resource allocation across the real economy. At the same time, investors’ market activity enhances liquidity and facilitates the price discovery process for all market participants.

Aug 4 2014

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

Feb 10 2014

Comment Letter to the CFTC on Position Limits (No. 1)

Mar 16 2016

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

Jul 7 2014

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

Dec 13 2013

Comment Letter to the CFTC on the Concept Release on Automated Trading