You and I know that Citadel does trade their own book. That’s sufficient for me.
Once we’re at discovery, we should find out the details about the collusion between the market maker and the hedge fund entity. That’s a very interesting part no one is talking about. PFOF (Payment For Order Flow) and front running retail orders will be disclosed. Who’s the most profitable unit? Market Maker? Hedge Fund? Citadel’s announced IPO should also help us to understand their « business model » unless they cancel it at the last minute… We should also discover how HFT (High Frequency Trading) is aligned with their prop trading activities and probably with other market makers (Think about May 10th 2022).