Software Engineer – University Graduate - Europe

BNY, Citadel Securities test tokenized U.S. Treasuries to speed up Wall Street financing. October 13, 2026 Coindesk general Positive BNY and Citadel Securities have successfully tested tokenized U.S. Treasuries on blockchain infrastructure, marking a significant milestone in Wall Street's push to modernize collateral management and financing operations. The pilot transaction demonstrates how blockchain-based government bonds can dramatically accelerate the movement of collateral between settlement and financing workflows - a process that currently costs trading firms billions in tied-up capital annually. By tokenizing U.S. Treasuries, both institutions are exploring how distributed ledger technology can compress settlement times, reduce counterparty risk, and unlock intraday liquidity for major financial players. This development arrives as institutional blockchain adoption accelerates in 2026, with tokenized real-world assets emerging as one of the fastest-growing sectors in digital finance. The collaboration between a top-tier custodian like BNY and a market-making powerhouse like Citadel Securities signals that tokenized Treasury bonds are moving beyond proof-of-concept into practical, high-stakes financial infrastructure. Investors and market participants tracking the tokenized RWA space, DeFi collateral solutions, and blockchain-based securities settlement should treat this as a bellwether moment for institutional crypto integration. Watch for additional Wall Street firms to announce similar tokenization pilots as regulatory clarity around digital securities continues to evolve heading into 2027. The transaction shows how blockchain-based government bonds could help trading firms move collateral faster between settlement and financing.

Citadel Securities reveals glimpse of credit platform broker rankings. October 8, 2026 Famously secretive market maker Citadel Securities has cast light on the equally secretive world of credit trading platforms as part of a scathing whitepaper defending the importance of non-bank liquidity providers in the fixed income space. Referencing Q2 dealer ranking reports, which are not available to the public, Citadel Securities states that it is ranked the most successful for US Treasuries by risk executed by Tradeweb and Bloomberg. Internal data from Citadel Securities report US$23 trillion traded in US Treasuries in 2025, with an average daily volume of US$92 billion. Dealer ranking reports also reveal that Citadel Securities has the number one hit rate for European government bonds in France and Germany by Tradeweb's measure, and the number two hit rate in both regions by Bloomberg's. Both Tradeweb and Bloomberg declined to comment on the report. Tradeweb publishes overall credit trading volumes, while Bloomberg does not. By its own estimates, the firm holds a 14.2% market share in investment grade credit block risk transfer and traded US$406 billion in the asset class, year-to-date. Based on this evidence, the market maker juggernaut states that concerns about the resilience of its liquidity provision have been overstated, arguing that it has a "long-standing and consistent track record of delivering dependable pricing and liquidity". Claims that liquidity from non-bank market makers is less resilient than incumbents have come from incumbents and the trade associations that represent them, Citadel Securities says, pointing to AFME's response to the FCA's engagement paper on market risk capital requirements for investment firms. The response, published in February, argued that the FCA was "playing down" the risks to retail investors, markets and financial stability posed by systematic non-bank liquidity providers. It also stated that newer market entrants, recently expanding into fixed income markets, have not been tested through "a genuinely market-wide fixed income stress event or impact tolerance testing". Citadel Securities highlights four periods of volatility between 2020 and 2026 where it has been able to measure the quality and resilience of its liquidity provision: the Covid pandemic, SVB's collapse, tariffs, and the onset of the Iran conflict this March. Of this most recent stress point, the report observes, "We maintained industry-leading low 'no-quote-rates' while trading a record $1.36 trillion in a day." ESMA proposed that "Systemic non-bank liquidity providers should be subject to requirements aligned with those banks already comply with (where they conduct activities generating similar risks)." Citadel Securities takes a different approach, suggesting that five metrics be used to measure liquidity resilience in all dealer-to-customer markets: non-quote rates, market share, execution cost savings, hit rates, and risk executed. Bank regulations are not suited to non-bank market makers, it argues, calling for calibration in regulation. (C) Markets Media Europe 2026

Citadel Securities elevates systematic trader to lead client equities trading for EMEA. Promotion marks an extension of an ongoing five-year tenure at the market maker; previous experience includes positions at Quantlab Group and Deloitte. Margot Dijkstra has been promoted to head of client equities trading EMEA at Citadel Securities. The promotion extends London-based Dijkstra's ongoing five-year tenure at Citadel Securities, who initially joined the market maker as a systematic trader in 2021. Prior to this, Dijkstra worked in Amsterdam as a trader at quantitative proprietary trading firm Quantlab Group, a role she held for more than three years. Earlier in her career, she also served as an analyst at Deloitte Nederland for a three-month stint. Citadel Securities had not responded to a request for comment at the time of publication. Dijikstra's promotion marks Citadel Securities' most recent Europe-based move, and in August, the firm appointed Zeyad Elnaqa as a client execution trader in Dublin. Elnaqa focuses on US equities in his new role and joined from UBS, where he spent two and a half years as an electronic sales trader. The TRADE > News > Asset Classes > Fixed Income > Bloomberg executes first automated JGB trade through new workflow Bloomberg executes first automated JGB trade through new workflow. "The ability to combine market-on-close execution with rule-based automation is a significant step forward for the JGB markets," said Yudhveer Chaudhry, head of EM, FX, commodities and digital assets at BlackRock. Bloomberg has completed the first fully automated Japanese government bond (JGB) market-on-close trade on its recently launched workflow. The workflow forms part of Bloomberg's electronic markets offering and is aligned with the JGB market-on-close reference rate, BB3P. Specifically, the solution aims to reduce tracking error and provide certainty of execution at a specific close time, while also combining the bid-offer list trading functionality with Bloomberg's trade automation tool, Rule Builder. "We continue to enhance our global market-on-close capabilities, bringing greater automation and efficiency to fixed income trading for our global clients," said Norman Tweeboom, Japan enterprise sales head at Bloomberg. "The powerful combination of Bloomberg electronic markets capabilities enables clients to more efficiently negotiate pricing while reducing operational complexity in a critical market." In addition, clients can utilise the offering to define execution criteria and automate order routing, based on predefined conditions within an integrated order and execution management workflow. Moreover, the addition of the JGB workflow expands Bloomberg's current market-on-close capabilities for global fixed income, which also includes US Treasuries, Canadian government bonds, UK gilts and European government bonds. Yudhveer Chaudhry, head of emerging markets, FX, commodities and digital assets at BlackRock, added: "The ability to combine market-on-close execution with rule-based automation is a significant step forward for the JGB markets. "By accelerating time to market and enabling more systematic execution at the BB3P market reference, this workflow will help minimise transaction costs, reduce manual intervention, and deliver more consistent, optimised outcomes for investors, particularly during high-volume periods." In September, Bloomberg launched its FX options RFQ API on its FX trading solution FXGO - a move specifically tailored to the buy-side options market. The new offering allows buy-side traders to run the entire RFQ workflow programmatically, spanning the whole trading lifecycle from submitting a trade request and completing dealer quotes, to completing the deal.