Citadel Securities is making a big push into the over-the-counter market.
The wholesaler started operations last October and has quietly become one of the Top 25 market makers in OTC securities, ranked by the number of shares traded per day.
The dealer makes markets in approximately 6,300 OTC names, according to data from OTC Markets. The number puts Citadel in the upper echelons of OTC market makers, along with such stalwarts as Knight Equity Markets, Citi/ATD, UBS Securities and E*Trade Capital Markets.
Behind the initiative is Citadel executive Benjamin Small, based in the brokerage’s New York office. Citadel’s move into OTC stocks follows a long history as a wholesaler and market maker in National Market System securities and listed options. Executives from Citadel declined to comment for this article.
