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Citadel 
Nick Babcock
Business 
 Hedge fund 
 Offices worldwide – Headquartered in Chicago 
 Provide services to retail traders 
 TD Ameritrade 
 Scottrade 
 etrade
Financials 
 22 Billion Assets Under Management 
 World’s largest options market maker 
 Behind 1 in 7 options trades 
 20% return on investment year over year 
 Excluding 2008
Background 
 Founded in 1990 
 Ken Griffin – Harvard Dropout 
 “programmer” 
 Wealthy 
 Prominent 
 Philanthropic 
 The seven pillars of success
What’s Hot 
 High Frequency Trading 
 Surveyor Capital 
 Licensing infrastructure techniques
Secret Sauce 
 Technologists 
 Poaching successful portfolio managers
Story time 
 Mono sucks 
 Gift baskets don’t 
 Revolving door 
 Big No-no’s 
 Java 
 Flash Boys
Competitors 
 Two Sigma 
 Jump Trading 
 Goldman Sachs
Future 
 Here to stay for awhile 
 My predictions: 
 Stagnating growth 
 Revolving door keeps on spinning 
 Can’t just throw money at your problems

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Citadel

  • 2. Business  Hedge fund  Offices worldwide – Headquartered in Chicago  Provide services to retail traders  TD Ameritrade  Scottrade  etrade
  • 3. Financials  22 Billion Assets Under Management  World’s largest options market maker  Behind 1 in 7 options trades  20% return on investment year over year  Excluding 2008
  • 4. Background  Founded in 1990  Ken Griffin – Harvard Dropout  “programmer”  Wealthy  Prominent  Philanthropic  The seven pillars of success
  • 5. What’s Hot  High Frequency Trading  Surveyor Capital  Licensing infrastructure techniques
  • 6. Secret Sauce  Technologists  Poaching successful portfolio managers
  • 7. Story time  Mono sucks  Gift baskets don’t  Revolving door  Big No-no’s  Java  Flash Boys
  • 8. Competitors  Two Sigma  Jump Trading  Goldman Sachs
  • 9. Future  Here to stay for awhile  My predictions:  Stagnating growth  Revolving door keeps on spinning  Can’t just throw money at your problems