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In the mid-2000s two employees from Citadel left for Jump Trading and took some source code. Jump then took this strategy, improved on it and destroyed Citadel'
by yhat1136 4y ago
In the mid-2000s two employees from Citadel left for Jump Trading and took some source code. Jump then took this strategy, improved on it and destroyed Citadel's HFT revenue stream. We're talking about billions in lost revenue for Citadel. I don't have proof for these allegations, but it is an open secret in the industry.
There was a lawsuit a few years ago, but Jump was able to convince the courts that they could not reveal their source code because it would damage their business. Citadel was never able to prove that
their code was stolen.
Ken Griffin could certainly be strongly motivated to employ such an attack. And if he did... you have to admit it was pretty brilliant. This is something straight out of "Billions".