18. Paul Hamill
Global Head of Fixed Income, Currencies, and Commodities
Last year: 20
Since moving from UBS to Citadel Securities in January 2015,
Paul Hamill has been building and developing a fixed-income and
foreign exchange trading and execution business, and it is a
growth story. The market-making business, which is separate
from Citadel's multistrategy hedge fund business, expanded into
interest rate swaps in November 2014. "We started with just a
handful of clients and are now up to well over 500
institutional counterparties," Hamill, 41, enthuses. This
February it launched its off-the-run Treasuries offering
effectively an extension of the firm's business in on-the-run
Treasuries. "It's exciting," he says of the new offering. "A
huge focus of the last year has been getting ready for
Hamill calls technology the "lifeblood" of the business.
"What we are about is precision, pricing, and risk," he notes.
"That is what we are known for and that is what clients expect
from us. We are among the best at thinking the right way about
how to process data, how to look across correlations in
markets, and how to think about synthesizing that in such an
optimal way that you always know where the price is." Citadel
is thus able to offer guaranteed market prices, giving it an
edge over competitors with only indicative prices. "We make
sure the price the client can see all the time is firm, it's
live, it's here, we will deal right now," Hamill says.
He cites another Citadel advantage: being able to build a
system from scratch, as opposed to dealing with legacy
technology. "We have had to think differently about the kinds
of tools we put into the hands of our traders and salespeople,"
he explains. With the flexibility afforded by new technology,
"we can say, 'What would you like your day-to-day tool set to
look like?' and we can build that, quickly." At a time when
banks have to allocate significant budget to comply with
Dodd-Frank implementation firms like Citadel Securities have a
competitive advantage. "We are well positioned to use
technology to innovate," says Hamill, who has an MA in
political science from the University of Glasgow and an MSc in
finance from the University of London.
The 2017 Trading Tech 40
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