Citadel shut out of Tradeweb as it makes US Treasury move

The firm is the first non-bank on Bloomberg, but primary dealer catch means it cannot join Tradeweb

Citadel blocked from signing up as a US Treasury market-maker on Tradeweb

Citadel Securities is set to start quoting US Treasuries on Bloomberg's dealer-to-client trading platform this week but has been blocked from doing so on Tradeweb, thanks to a closely guarded rule book that is said to bar any firm from joining the bank-owned platform unless it is a primary dealer. That stipulation has raised Citadel's ire, but it's understood the firm will – sooner or later – be allowed to join.

Paul Hamill, global head of fixed income, currencies and commodities at Citadel

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