Citadel Securities gets its first-ever outside investment
Citadel Securities, the electronic trading firm controlled by Ken Griffin, raised $1.15 billion from Sequoia Capital and Paradigm at a $22 billion valuation.
Why it matters: This is the first-ever outside investment in Citadel Securities, which claims to have its digital fingers in around 27% of daily U.S. stock trades. Citadel Securities also has over 1,600 global clients, including large sovereign wealth funds, and this deal could be setting it up for an IPO.
Be smart: Citadel Securities says it operates separately from Griffin's similarly-named hedge fund group, which was discussed a lot in the aftermath of last year's meme mess involving GameStop, Robinhood et al.
The bottom line: "Now that is payment for order flow." — @IvanTheK