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David Silber, Head of Institutional Equity Derivatives, Citadel Securities, Sonic AI
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David Silber, Head of Institutional Equity Derivatives, Citadel Securities
Alpha Exchange
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Jul 10, 2026
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52:22
Interview
David Silber, Head of Institutional Equity Derivatives, Citadel Securities
From
The Alpha Exchange
David Silber
(Head of Institutional Equity Derivatives, Citadel Securities, guest)
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Executive Summary
The listed options market has undergone a massive technological evolution, moving from physical, floor-based trading with fractional pricing to a deeply liquid, electronic ecosystem with multi-listed products and penny increments.
Options trading volumes have exploded, with average daily contracts projected to hit 80 million, driven by both institutional and retail participants and a significant shift towards shorter-dated expiries.
Citadel Securities built its institutional equity derivatives business by leveraging technology to provide a frictionless client experience, managing risk by accessing diverse liquidity pools (retail, institutional, on-screen) rather than warehousing it.
Institutional investors are increasingly using liquid, listed options (including 0DTEs) to execute complex hedging, leverage, and beta management strategies that were previously the domain of the OTC market.
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Evolution of Options Market Structure
Explosive Growth in Options Volume and Complexity
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