Citadel's Michael de Pass on Treasuries, Liquidity

The video features Michael Depasse from Citadel Securities discussing the evolution and growth of treasury trading at Citadel. He highlights the company's success in providing liquidity and their strategic differentiation in the market. The discussion also covers the growth in ETF and fixed income spaces, the impact of Federal Reserve actions, and the future outlook for treasury yields.

What significant business did Citadel Securities launch in 2015?

• On-the-run treasury trading

• Off-the-run treasury trading

• ETF market making

• Primary dealership

How does Citadel Securities differentiate itself in the treasury market?

• By offering the lowest prices

• By having a firm price for every bond

• By being the largest market maker

• By focusing only on domestic markets

What is Citadel Securities' focus in the ETF and ETN space?

• Focusing on active investing

• Offering the lowest ETF fees

• Becoming the largest ETF provider

• Providing liquidity in Treasurys and swaps

What trend is contributing to the growth in Citadel's ETF-related trading?

• Active investing

• Passive investing

• Cryptocurrency trading

• High-frequency trading

What impact does the Federal Reserve's balance sheet runoff have on the market?

• Stable market conditions

• Higher yields and increased volatility

• Lower yields

• Decreased volatility

How is Citadel Securities preparing its clients for market changes due to the balance sheet runoff?

• By reducing their market exposure

• By focusing on short-term gains

• By ensuring they are defensively positioned

• By advising them to hold cash

What is the expected range for the 10-year treasury yield in the coming quarters?

• 2.75% to 3%

• 1% to 1.5%

• 3.5% to 4%

• 2% to 2.5%