|Citadel Execution Services|
|(Previously not ranked)|
As an automated market maker from its 2006 inception, Citadel Execution Services had the advantage of not being weighed down by legacy systems. Jamil Nazarali well remembers how hard the transition from manual trading could be: Currently head of the CES unit of $14 billion, Chicago-based hedge fund firm Citadel, Nazarali was on Knight Capital Groups strategy team in 2000 when the New York Stock Exchange was moving toward decimal pricing; he became co-leader of Knights automation project. Within two years the vast majority of trading was automated, and by 2005 Nazarali had risen to global head of Knights electronic trading. He joined Citadel in 2011 and took the helm of CES in 2012 after Andrew Kolinskys retirement. Citadels execution business is one of the worlds biggest, handling 25 percent of all U.S.-listed stock trades for retail investors, 20 percent of equity options volume and more than 13 percent of consolidated volume in equities. If you trade, theres a 1-in-7 chance that Citadel is on the other side of the trade, notes Nazarali, 46, a University of Chicago MBA and former Ernst & Young and Bain & Co. consultant. Since 2012, CES has more than tripled the number of stocks in which it makes markets, to 26,000. Expanding our market-making business beyond our traditional retail broker-dealer platform has been an area of emphasis, he adds.
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