Citadel Securities' head of rates trading has left
As we've noted in recent months, Citadel Securities' rates trading division is growing fast and hiring senior people. It's also about to be under new management.
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Michael de Pass, whom Citadel Securities hired from Bank of America a decade ago, is stepping down as its head of rates trading. He announced via LinkedIn that he started his non-compete period this month. He first joined to lead the firm's US treasuries trading desk before expanding his remit globally. It's not clear where de Pass, who did not respond to a request for comment, is going next.
De Pass' departure comes as Citadel Securities strengthens its broader fixed income trading business. It just hired Nikhil Choraria, a Goldman Sachs partner, as its global co-head of fixed income in London.
Who then fills the vacuum at the top of the rates team? Citadel Securities declined to comment, but it's thought that Shyam Rajan, the other co-head of fixed income is taking a more active role. He's based in the US and previously ran US treasury trading at Bank of America. A direct replacement for de Pass may be on the cards further down the line.
Rajan will be working closely with Oliver Pariente and Sean Sullivan. Pariente heads the swaps trading team; he also joined from Bank of America, where he was voted the most helpful person in the rates derivatives space, according to investors surveyed by Greenwich Associates in 2019. Sullivan, who joined from Credit Suisse, runs US treasury trading. Citadel Securities ranks first on Bloomberg and TradeWeb for UST, and traded $23 trillion notionally in US treasuries last year.
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