Citadel exec laments fragmentation of US Treasury liquidity

Risk USA: new trading venues make it harder to compete with HFTs, says Nicola White

BAML Pairs strategy is designed around buying and selling two stocks to manage exposure or risk
The bilateral model appears to be garnering some fans in the market

A proliferation of new electronic trading venues for US Treasuries is "fragmenting" the market and making it harder for market participants to compete with speed traders, a senior executive at Citadel Securities has claimed.

"My question [for new trading venues] is, why are you fragmenting the market? I don't think that solves the transparency problem or the flash crash problem," said Nicola White, global chief operating officer for fixed income at Citadel Securities. "So my question to those

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