Citadel Plans Interest-Rate Swaps Business

Jun 9 2014 | 10:47am ET

Citadel Investment Group’s effort to build a full-service investment bank sputtered several years ago. Now, the hedge fund firm’s brokerage business is expanding further into areas increasingly abandoned by banks.

Citadel Securities is making a foray into the swaps business with interest-rate derivatives. The move follows the firm’s foray into foreign-exchange trading services last month.

Chicago-based Citadel incorporated Citadel Securities Swap Dealer in March. At about the same time, it hired Credit Suisse’s Yanfeng Chen, who has worked on electronic swap-trading platforms and high-frequency trading systems.

“Trading is more efficient and electronic, and that is where we see great opportunity to serve more clients with more products,” Citadel execution-services chief Jamil Nazarali said.

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