Citadel Securities UK’s Revenue Jumps 120% amid Expansion Plans

<p>The British
branch of American financial firm Citadel Securities has released its full-year
financial report for 2022, showing significant growth in revenue and net
profit. According to the document seen by Finance Magnates, total income
increased to $1.23 billion, while net profit stood at $757.52 million.</p><p>Citadel Securities UK Sees
Significant Revenue Boost</p><p><a href="https://www.financemagnates.com/tag/citadel-securities/" target="_blank" rel="follow">Citadel
Securities</a> is an American market-making firm headquartered in Miami. Its
British subsidiary, Citadel Securities Finance (UK) Limited, which provides
similar services, has just published its financial results for the past year. </p><p>The report, <a href="https://find-and-update.company-information.service.gov.uk/company/11966286" target="_blank" rel="nofollow">which can be found on the UK Companies House website</a>, reveals that total income rose nearly 120% from
$559.19 million reported in 2021 to $1.23 billion. During the same period, the
company significantly increased its total comprehensive income, which grew 78% from $323.8 million to $575.52 million. </p><p>The firm also
substantially increased its expenditure, from $190.47 million to $520.51
million. However, the growth in both revenue and costs was in line with
management expectations.</p><p>"Our
strategy is to continue to grow trading activities in financial instruments on
a proprietary basis by expanding to new markets and asset classes," Vishal
Melwani, the Director of Citadel Securities Finance (UK) Limited, commented.</p><p>The total
equity value owned by the company at the end of the period, which includes share
capital, other reserves, and retained earnings, amounted to $1.1 billion,
compared to $528 million reported in the previous year. As for the total value
of assets, it increased to $2.19 billion.</p><p>$7 Million Fine for
Citadel Securities</p><p>Less than
two weeks ago, Finance Magnates reported that Citadel Securities had
resolved allegations of breaching Regulation SHO, a rule designed to regulate
short-selling activities. The issue centered on the firm's supposed inability
to correctly label sale orders as either long, short, or short exempt.</p><p><a href="https://www.financemagnates.com/cryptocurrency/citadel-securities-slapped-with-7m-fine-for-coding-error-sec-says/" target="_blank" rel="follow">The SEC's
probe</a> uncovered a consistent series of mislabeled orders spanning five years,
which were traced back to a programming glitch in Citadel Securities' automated
<a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a>. During this period, the company incorrectly identified short
sales as long sales and vice versa. Adding to the SEC's concerns was the fact
that Citadel submitted this flawed data to oversight bodies, including the SEC
itself, without any detection or rectification.</p><p>Earlier in
June, financial heavyweights like Citadel <a href="https://www.financemagnates.com/cryptocurrency/wall-street-giants-propel-edx-markets-into-digital-asset-trading-scene/" target="_blank" rel="follow">played a key role</a> in launching EX
Markets into the digital asset trading arena. EX Markets is an emerging digital
asset <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> supported by a group of leading financial organizations.</p>

This article was written by Damian Chmiel at www.financemagnates.com.