Citadel started to make a push to apply back in 2022. Citadel says they want to have a seat at the table RE: Treasury market reform and that being a Treasury primary dealer gives them a larger voice. It's got to be a good business for Citadel when you think about the Treasury auction pipeline over the next few years. As banks retreat from the business, the Fed needs more non-banks to step into the Treasury primary dealer breach. Banks will be stepping away from a lot more action in 2025 should Basel III reform come to pass.
Citadel started to make a push to apply back in 2022. Citadel says they want to have a seat at the table RE: Treasury market reform and that being a Treasury primary dealer gives them a larger voice. It's got to be a good business for Citadel when you think about the Treasury auction pipeline over the next few years. As banks retreat from the business, the Fed needs more non-banks to step into the Treasury primary dealer breach. Banks will be stepping away from a lot more action in 2025 should Basel III reform come to pass.