Citadel Securities, founded by Ken Griffin, experienced a 35% decline in net trading revenue during the first half of the year compared to the previous year's surge driven by volatility. Despite the drop, the market maker still managed to generate $2.73 billion in revenue in the first six months of this year, following a record haul of $4.2 billion in the first half of 2022. Remarkably, for 14 consecutive quarters, the firm's revenue has surpassed $1 billion.

The windfalls from interest-rate hikes, recession fears, and Russia's invasion of Ukraine that contributed to the substantial trading revenue last year have waned as volatility subsided. In contrast, the major US banks' trading revenue declined by 8.3% to $57.3 billion during the first half of the year, with JPMorgan Chase & Co. leading the pack with $15.4 billion.

Under the leadership of CEO Peng Zhao, Citadel Securities acts as a key player, matching buyers and sellers in approximately one-fifth of all US stock trades. Leveraging algorithms to capitalize on minute price differences, the firm achieved approximately $7.5 billion in revenue the previous year. Its clientele includes asset managers, banks, broker-dealers, hedge funds, government agencies, and public pension programs.

Citadel Securities, with offices in Miami, New York, and Chicago, has chosen not to comment on its recent performance. The latest financial figures were revealed as part of an ongoing loan refinancing effort the company is presenting to debt investors.

For the first half of this year, the firm recorded around $1.1 billion in earnings before interest, taxes, depreciation, and amortization, marking a significant 58% drop compared to the previous year. Total assets, on the other hand, increased to $98.5 billion during the second quarter, up from $95 billion.