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The more we hear about Citadel & the caliber of people who work there, the easier it is to understand why they make so much money & seem to impact every part of the market. This is Joseph Mecane. He's the head of Execution Services at Citadel Securities. This is his resume:pic.twitter.com/QXN1WX5bDd
Mecane's career on Wall Street began at Knight Capital Group, where he was COO until 2003. Knight Capital was the largest equities market maker in the US before Virtu bought the firm in 2017.
After KCG, Mecane worked in Charles Schwab's capital markets group before it was bought by UBS in 2004. UBS wanted to become a top trader of Nasdaq listed stocks, and Mecane was to be instrumental in that growth.
Amidst the financial crisis, Mecane was drawn even closer to the center of Wall Street - working for the exchanges themselves. From 2008 - 2014 Mecane was head of equities at the NYSE, where he tried to wrestle volume away from internalizers like Virtu & Citadel.pic.twitter.com/aaLhajmS2A
When ICE bought the NYSE, old management began to leave, and Mecane left with them. He took an MD job at Barclays for a while before Ken Griffin's lovechild finally came knocking.pic.twitter.com/bxd1O2crRa
As head of Execution Services at Citadel, Mecane oversees the market maker's equities, options, FX and ETF operations, which includes trading ~40% of all US retail order flow on a daily basis.pic.twitter.com/EZ0DFsr593
Mecane doesn't just oversee core parts of Citadel. He's active on the boards of multiple market structure heavyweights, including Nasdaq, FINRA and SIFMA.
So when we think about who retail traders are up against, it's easy to see why they lose. Citadel's ranks include people from exchanges, regulators, competing market makers and banks. They've been everywhere & understand the market better than most.
Here's an interview Mecane did in mid-2020 talking about the markets, Citadel, and retail order flow. It's worth a listen:https://www.youtube.com/watch?v=yQbOMR4_J4s …
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