Citadel Securities' new favourite fintech paying £115k salaries to remote engineers
Low latency financial infrastructure is expensive. Banks want to cut costs. It sounds like a match made in hell, but Citadel Securities is giving banks a solution; Bloomberg reports that it's in talks with over 30 banks to process their trades for them, and is enlisting the help of a London fintech to do it.
Click here to follow our new WhatsApp channel, and get instant news updates straight to your phone 📱.
Citadel Securities is using TransFICC, an FX and derivatives infrastructure fintech, to act as a middle-man between it and banks. TransFICC allows banks, which are secretive about their clients, to accept price quotes from Citadel Securities on behalf of those clients without disclosing who the clients actually are. The system is also thought to allow banks to do voice trades over the phone with Citadel Securities in the case of more complex orders. TransFICC just raised $25m in a series B funding round led by Citadel Securities, which now officially has skin in TransFICC's game.
TransFICC was founded in 2016 by a group of three employees from LMAX, a crypto and fixed income exchange that spun out of UK betting company BetFair. Founders Judd Gaddie and Tom McKee were both software engineers at LMAX, while Steve Toland was the head of its bank-to-bank trading venue, LMAX Interbank.
Other LMAX alums working at the firm include its former head of software development, Dave Farley. He's a former high-frequency trading (HFT) developer from now-defunct firm Getco, and runs Continuous Delivery, a YouTube channel with 224k subscribers focused on engineering culture. If you want to work there, Farley helpfully described TransFICC's approach to engineering on the channel in a video in 2021.
TransFICC also employs a few bank alums and has been hiring them recently. Last month, it recruited Kevin Molloy in New York, formerly a mortgage trader at Barclays and an MD at the New York Stock Exchange. Molloy is a senior sales executive there. Others have been around for a while; Mike Mylonakis, a former quant director at UBS, has been an engineer at TransFICC for two years.
TransFICC is hiring engineers and paying decent salaries. It has eight open roles, two of which are senior software engineering roles available remotely that pay a salary of up to £115k ($148k). It also has one role available in New York, an account manager, who can earn a salary of up to $100k.
Have a confidential story, tip, or comment you’d like to share? Contact: Telegram: @AlexMcMurray, WhatsApp: (+1 269 237 3950). Signal: @AlexMcMurrayEFC.88 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
