Citadel Securities to Acquire Designated Market Making Unit from Rival IMC

Citadel Securities announced this Thursday that it has entered into a preliminary agreement to acquire its main rival IMC's Designated Market Making (DMM) business on the New York Stock Exchange (NYSE) floor. The companies plan to close this transaction before the end of the 4th quarter of 2020 on the basis of reaching a definitive purchase agreement and satisfying all customary closing conditions.

IMC put their hands to DMM business in 2014 and doubled its U.S. employees to nearly 400 people to grow trading operations in recent years. Now, the International Marketmakers Combination decides to sell the DMM business representing a small portion of its overall U.S. operations as part of its growth strategy.      

Citadel Securities, though becoming a DMM on the NYSE only in 2016, is ranked as the number-one equity, retail equity, and options market maker in the U.S. now. As a DMM, the 19-year award-winning market maker plays a key role in helping NYSE-listed companies to accumulate net capital and achieve business growth.

If the transaction closes as planned, Citadel Securities will further consolidate its leading position in DMM business on the NYSE. However, before the transaction closes, the two global leaders in market making will continue to operate their DMM units independently. 

"We are thrilled to further extend our presence at the New York Stock Exchange," said Joe Mecane, Head of Execution Services for Citadel Securities. "We look forward to building new relationships and bringing the benefits of our leading liquidity offering and exceptional client service to the additional issuers who will be joining us as a result of this transaction."