Citadel Securities generated a record $12.2 billion in trading revenue last year, marking a 25% increase from its 2024 haul of $9.7 billion. The Miami-based market maker, founded in 2002, serves asset managers, banks, broker-dealers, hedge funds, and government agencies as a liquidity provider in equity and fixed-income markets.

Earnings before interest, taxes, depreciation, and amortization reached approximately $6.5 billion in 2025, with compensation expenses hitting $3.5 billion in the first 11 months. Like its high-speed trading peers, Citadel Securities benefits from market volatility, which creates opportunities for market makers to step in as liquidity providers when dramatic price swings occur.

Jane Street's net trading revenue in the first nine months of 2025 surpassed $24 billion, well past its previous annual record of $20.5 billion set in 2024. The surge in trading volumes has intensified competition among trading firms, with Jane Street and Hudson River Trading each operating hedge fund-style trading units alongside their market-making operations.