Citadel's Jamil Nazarali on Equity Markets and Trading

The video discusses the efficiency of US equity markets, highlighting improvements in trading costs and speed. Despite these advancements, a narrative persists that the market is rigged, partly due to automation creating winners and losers. The SEC's role in market improvements is examined, with a focus on circuit breakers and forward-looking strategies. Citadel's position on market evolution, including opposition to IEX's application, is explored. The video concludes with Citadel's market share ambitions and the potential benefits of being perceived as independent from its parent company.

What is one reason for the narrative that the market is rigged?

• Higher trading costs

• Decreased trading speed

• Increased efficiency and automation

• Lack of market transparency

What is the purpose of the SEC's Equity Market Structure Committee?

• To improve market operations

• To increase trading costs

• To regulate hedge funds

• To eliminate circuit breakers

What is one of the improvements Citadel advocates for in the market?

• Reducing market transparency

• Increasing trading fees

• Mandatory kill switches at the exchange level

• Eliminating all circuit breakers

Why does Citadel oppose IEX's application to become an exchange?

• It would lower trading costs

• It would create delays in trading

• It would improve market efficiency

• It would increase market transparency

What percentage of retail orders does Citadel handle in the market?

• 45%

• 35%

• 25%

• 15%

What is one potential benefit of Citadel going public?

• Perception of independence

• Reduced market efficiency

• Higher trading costs

• Increased market share

How does Citadel differentiate itself from its parent hedge fund?

• By sharing the same name

• By being completely separate businesses

• By having the same management

• By operating in the same market