Citadel Securities has hired one of UBS’s top US equities regulation experts, as it looks to keep pace with its dominant market share in the US equity market.
Marc Harold, who served as UBS’s head of Americas equities regulatory risk management, joined the market maker in June as deputy chief compliance officer.
A spokesperson for Citadel Securities confirmed the appointment.
He will work alongside Andrew Mannarino, who joined Citadel Securities in February last year from Barclays, where he was global head of electronic trading compliance.
The hiring of Harold compliments the recent appointment of former US regulator Stephen Luparello as Citadel’s general counsel in May. Luparello was previously director of the division of trading and markets at the Securities Exchange Commission (SEC).
Citadel Securities has seen its position within the US equities market increase substantially, which has coincided with a number of high frequency trading (HFT) firms retreating from the business.
According to figures from the Financial Times, Citadel Securities trades one in five of all equity shares traded in the US and more than a third of US retail equity volumes.
However in January this year, Citadel Securities reached a $22.6 million settlement with the SEC, over alledgedly mispricing trades place by small investors in 2010.
A number of former-UBS employees have opted to join Ken Griffin’s hedge fund Citadel, which is a legally separate entity to Citadel Securities, including Paul Jefferys, formerly global head of the central risk book, and Mark Holder, formerly global co-head of electronic trading for equities.
Scott Kloin, global head of compliance and associate general counsel, also joined Citadel Securities from UBS in 2012 where he was previously head of US equities compliance.
Earlier this month Citadel Securities hired Joe Mecane, Barclays former global head of electronic equities, as head of execution services.