Citadel exec laments fragmentation of US Treasury liquidity

Risk USA: New trading venues decrease price transparency, says Nicola White

The bilateral model appears to be garnering some fans in the market

A proliferation of new electronic trading venues for US Treasuries is "fragmenting" the market and making it harder for market participants to compete with speed traders, a senior executive at Citadel Securities has claimed.

"My question [for new trading venues] is, why are you fragmenting the market? I don't think that solves the transparency problem or the flash crash problem," said Nicola White, global chief operating officer for fixed income at Citadel Securities. "So my question to those tr

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