Simon Holmes Joins Chicago Hedge Fund Giant CitadelSimon Holmes has been appointed by Citadel Securities, the market-making arm of Chicago hedge fund giant Citadel LLC, as senior swaps executive in Europe, as it looks to build its presence in off-exchange traded markets, according to the hedge fund firm announcement.
A Citadel spokesman said Simon Holmes joined Wednesday from ICAP PLC, where he was chief operating officer of the brokerage firm’s electronic interest-rate swaps trading platform in the U.S., called i-Swap.
Mr. Holmes assumes the role of chief operating officer for Citadel Securities’ fixed-income business, based in London, the spokesman said. He couldn't be reached, but his last day at ICAP was March 31.
Citadel has been plotting an entrance into the $700 trillion swaps market for years, sensing opportunity as traditional market makers at large banks are weighed down by a spate of new regulations curtailing their risk-taking.
Swaps are derivatives used to wager on a borrower’s likelihood of repaying its debts or to hedge against big swings in borrowing costs.Source: Wall Street Journal