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One of Citadel Securities' top London rates traders quietly vanished. 3 hours ago Citadel Securities has been growing its macro business, often with people it's hired from Goldman Sachs. As it does so, one of its long-serving London macro traders, who joined from Barclays in 2019, has gone. David Kwan, Citadel Securities' head of swaps trading in London, left the electronic trading firm at the end of July. We have not spoken to Kwan, and Citadel Securities declined to comment, but the FCA Register shows him leaving at the end of July. Kwan is understood to have been a big deal during his time at Citadel Securities, but he was also low-key. It's not clear why he left. The firm has bolstered its macro team with a variety of big names like Nikhil Choraria, the former head of the European rates desk at Goldman Sachs, who has arrived this very month and is based in London. Kwan may have found a new role elsewhere. Or he may have retired following a longish career that began at Barclays in 2006. It's thought he's a fan of poker playing. We understand that Citadel Securities is moving US trader Jake Yudelowitz to London to become head of US treasury and swaps trading in the City. Yudelowitz joined Citadel Securities in 2020. The changes at Citadel Securities' European rates business come as the firm has just published a document proclaiming the benefits it is bringing to fixed income markets "during periods of severe market stress." The document says that contrary to claims by some trade organisations, new entrants to the market have been able to provide resilient liquidity in fixed income during market shocks, and that in doing so they've "compelled legacy intermediaries to up their game." Follow me on X. Follow me on LinkedIn. Have a confidential story, tip, or comment you'd like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email [email protected]. Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate. The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Boost your career. Find thousands of job opportunities by signing up to eFinancialCareers today. Top Articles

Citadel Securities chooses Fireblocks for digital assets infrastructure. 30 September 2026 Citadel Securities has selected Fireblocks to provide digital asset infrastructure to support its tokenisation initiatives. The decision follows a successful live demonstration on 15 July, during which Citadel deployed Fireblocks technology to participate in a pilot that was led by the Depository Trust and Clearing Corporation (DTCC). The demonstration served as a precursor to the official launch of the DTCC Tokenization Service, which is scheduled to go into live production in October 2026. Fireblocks was selected due to its support for the Canton Network, a privacy-enabled blockchain purpose-built by Digital Asset for regulated institutional finance. Specifically, Fireblocks supports custody of Canton Coin, the native coin of Canton, and it is a qualified custodian chartered by the New York State Department of Financial Services. During the 15 July pilot, Citadel used the DTCC Tokenization Service to generate a tokenised representation of US Treasuries on Canton. It managed these tokenised security entitlements within a Fireblocks wallet, transferred them to Depositary Trust Company-registered wallets held by counterparties including BNP Paribas and Société Générale, and subsequently posted the assets to the Chicago Mercantile Exchange as collateral for trading activities. To facilitate this integration, Fireblocks provided a suite of infrastructure services to Citadel, including a validator node for network connectivity, an interface to manage onboarding and wallet registration with DTCC, and secure wallet infrastructure for holding assets and managing transfers. Additionally, Fireblocks provided daily activity reporting and fine-grained governance rules tailored to meet internal corporate risk mandates. When the DTCC Tokenization Service enters production, it will support select eligible assets, including US Treasury securities, Russell 1000 Index securities, and exchange-traded funds tracking major market indices. Founded in 2018, Fireblocks provides a multi-layered infrastructure designed to eliminate counterparty risk, single points of failure, and operational errors when handling digital assets. At its core, the platform combines proprietary Multi-Party Computation (MPC-CMP) cryptography with hardware-isolated Intel SGX enclaves to split and secure private keys, ensuring that no single party can independently compromise funds. This core functionality supports a number of digital assets services, including wallets hosted on 60 blockchain networks, a tokenisation engine that provides end-to-end minting and transfer of tokens, and a secure smart contract library.

Jane Street, IMC Trading among prop trading firms flooding Hong Kong. The Chicago-based trading giant is building out its Hong Kong presence with new hires and expanded operations, joining a wave of proprietary firms betting big on the region. Jump Trading is expanding its office footprint in Hong Kong, adding to a growing list of major proprietary trading firms that are doubling down on Asia's financial hub. The expansion comes at a time when Jump's peers are making similarly aggressive plays. Jane Street has reportedly grown its Hong Kong presence to over 110,000 square feet across six floors, while IMC Trading is also scaling up operations in the city. For Jump, which currently operates out of Room 2002, Level 20, One International Finance Centre, the bet on Hong Kong fits into a broader global strategy that spans 13 offices across eight countries. The talent race driving the expansion Jump Trading has been on a recruiting push in Hong Kong that reveals quite a bit about its strategic direction. The firm is actively building out a statistical arbitrage trading team focused on low- and mid-frequency strategies. Leading the recruitment charge is Zoey Zhao, who previously worked at Citadel Securities. Zhao has been driving hiring efforts since at least mid-2024, targeting candidates with STEM backgrounds and experience in quantitative research and machine learning. That said, the hiring landscape in Hong Kong hasn't exactly been a buyer's market. Industry reports describe recruitment across the electronic trading sector as limited, which is another way of saying that the pool of qualified candidates is small and everyone is fishing in it. Why Hong Kong, why now Jump's expansion in Hong Kong also parallels its growth elsewhere. In May 2026, the firm announced a lease of 99,305 square feet for its New York office, a substantial commitment that underscores how the firm is scaling globally rather than simply shifting resources from one region to another. For context, Jump Trading was founded in Chicago and operates across high-frequency market-making, quantitative research, and technology infrastructure.