Celebrating FDI in Ireland: Citadel Securities

By Business & Finance
23 September 2019
Citadel office

Citadel Securities is a leading global market maker in 35+ countries that came to Ireland in 2017. Business & Finance speaks to Jonathon Lowey, Country Manager for Ireland.

Q. About the company:

Citadel Securities is a leading global market maker that trades in 35+ countries around the world and provides liquidity in a variety of products across fixed income, equities, derivatives, ETFs and FX.

Our strengths in risk management, technology and analytics enable us to reliably and consistently serve the liquidity needs of our counterparties, which include some of the world’s biggest asset managers, banks, broker-dealers, hedge funds, government agencies, and public pension programs.

Over the past 15 years, Citadel Securities has introduced greater competition and transparency into the market, which has helped lower trading costs for all investors.

Q. Company size:

700+ across 8 global offices.

Q. When did company come to Ireland?

We opened our Dublin office in 2017 – Dublin is the first location that Citadel Securities has opened in Europe outside of London since we began trading in Europe over a decade ago.

Q. Why did the company choose Ireland?

Our decision to open an office in Dublin aligns with our global growth strategy.

Ireland benefits from a positive business environment and its government’s commitment to developing it into a top European Financial Services Centre and technology hub, which are attractive to financial services firms like Citadel Securities.

Q. Did Brexit affect your decision to base the company in Ireland and/or will it affect your business moving forward?

Citadel Securities planned and confirmed this move before the Brexit referendum took place. In fact, since the referendum, our UK employee base has grown by over 25%.

Q. Tell us your experience establishing the company in Ireland? Was it an easy or difficult process?

Naturally there can be challenges when expanding a business into a new market, however we are very pleased with our decision to do so and the experience we have had.

The IDA does a great job in assisting with that process and Ireland ticks many boxes when firms are looking at potential locations in which to invest. It will be interesting to see how Dublin develops as a financial centre from here.

We have also been very impressed by the quality of the local talent in Dublin. As a testament to our support of the local talent market, we have hosted two of our Data Open competitions at University College Dublin. We host these events in key talent markets around the world to introduce talented individuals who are passionate about technology and data science to opportunities in financial services and have made a number of hires through them, including in Dublin.

Q. Do you find it difficult or easy to attract and retain staff in or to Ireland?

In the two years since we opened an office in Dublin, we have already made a number of senior hires and are looking to expand our headcount as we grow our presence in Ireland.

We are committed to identifying and recruiting the best entry-level and experienced hires that we can find, whether they are currently working in Ireland or have a desire to relocate to Ireland.

Most importantly, we look for individuals who share our passion for tackling the most interesting and critical challenges that touch global markets.

We have a recruitment drive underway at present, and we are working with our global network, as well as with local colleges and universities to identify and attract the right talent and skills.

The market in Ireland for attracting talent is competitive, not least because of the calibre of graduates and the growth in the financial services industry over the last thirty years, which is helping to drive higher standards in talent which is always to be welcomed.

Q. In the context of the current housing crisis are there any challenges attracting staff to your company and/or region?

There haven’t been any major or specific concerns raised in relation to sourcing accommodation, and it hasn’t been refenced as a disincentive to relocating to Dublin.

Q. What are your future plans for the business in Ireland?

We look forward to growing our presence in Dublin further and continuing to be an active participant in this vibrant community.

Our future planning is focused on building out securities and derivatives trading from Dublin and to continue to engage with universities to attract the brightest and best talent. We intend to do this by raising awareness in the Irish market of Citadel Securities as the best financial sector firm to join for the top 1% of STEM graduate talent, with roles in quantitative research, systematic and semi-systematic trading and equity research.

Our future planning is focused on building out securities and derivatives trading from Dublin and to continue to engage with universities to attract the brightest and best talent.

Jonathon Lowey, Citadel Securities

Jonathon Lowey, Citadel Securities