Griffin's Citadel Posts Record $12 Billion Trading Haul

Summary

• Citadel Securities posted a record $12.2 billion in trading revenue for 2025, topping the previous year's $9.7 billion.
• The record haul was driven by astronomical trading volumes and sustained market volatility, benefiting both non-bank market-makers and large bank trading desks.
• A structural shift post-Great Financial Crisis has transferred risk from banks to non-bank liquidity providers like Citadel Securities, a trend ongoing for nearly two decades with no signs of reversal.
• Momentum is expected to continue, with another record likely in 2026 due to persistent volumes, volatility, and business expansion.
• Citadel Securities has expanded into high-touch equities trading, handling big block orders from buy-side clients and directly competing with banks like JPMorgan and Goldman Sachs.
• In retail equity trading, Citadel Securities handles 35% of the market, showcasing rapid growth over the past decade.
• The overall trading pie has expanded, meaning banks have also benefited from increased activity, not merely lost share to non-banks.
• New entrants and competitors like Jane Street and Hudson River Trading are similarly capitalizing on this environment through technology and algorithms.
• Citadel Securities' new high-touch equities business might not be as lucrative as their established retail trading and market-making operations.
• The growth trend is supported by technological advantages, algorithmic trading, and continuous market demand, with no immediate indicators of slowdown.