Citadel Securities has extended its derivatives market-making activities to euro-denominated interest rate swaps that are traded on US-based swap execution facilities, as the alternative liquidity provider ramps up its challenge to traditional dealer firms that have slashed fixed income operations in response to Basel Ⅲ capital and leverage rules. Since launching its swaps market-making operations in late 2014, the securities arm of the Chicago-based hedge fund has cemented its position as a leading player with a top-three ranking in US dollar interest rate swaps on Bloomberg's SEF and a number one position by client enquiries.
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