{"text":[[{"start":11,"text":"Ken Griffin’s market-maker Citadel Securities brought in a record $4.3bn in trading revenue in the first quarter as the firm benefited from market volatility stoked by the Iran war."}],[{"start":23.05,"text":"The firm earned $1.9bn in net income, according to people familiar with the matter. Citadel Securities declined to comment. "}],[{"start":32.35,"text":"Trading desks at banks and proprietary firms such as Citadel Securities have posted record results as the war has fuelled ructions in financial markets. Oil prices and short- and long-term Treasury rates have seesawed as investors grapple with the war’s impact on the global economy. "}],[{"start":50.8,"text":"The boom in AI has also created volatility in the US stock market as investors price in risks to business models in sectors such as software. "}],[{"start":60.05,"text":"Trading firms such as Citadel Securities benefit from market volatility as they match buyers and sellers of financial assets and profit from differences. "}],[{"start":70.14999999999999,"text":"Market leader Jane Street made record revenues of $16.1bn in the first three months of the year while its ascendant rival Hudson River Trading brought in $6.4bn. Jane Street’s revenues beat JPMorgan and Goldman Sachs in the same period."}],[{"start":88.1,"text":"Together, Citadel Securities, Jane Street and Hudson River brought in about $27bn in trading revenue in the first quarter. "}],[{"start":96.1,"text":"Citadel Securities is among the biggest market makers in the world, with roughly 25 per cent of US equities trading volume. The firm uses technology to build algorithms and machine learning that price and execute trades. "}],[{"start":110.6,"text":"In recent months, Citadel Securities has sought to expand to high-touch client servicing in areas such as equity trading. It recruited the head of JPMorgan’s high-touch equities trading service, Elan Luger. "}],[{"start":123.5,"text":"Its move into such business puts it in direct competition with banks, which the firm has said is not a conflict with any one bank, including JPMorgan. "}],[{"start":132.9,"text":"Citadel Securities is a distinct company from the hedge fund Citadel, though both are owned by Ken Griffin, the hedge fund billionaire. "}],[{"start":150.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780118026_7883.mp3"}