Citadel Securities Settles With Fund Over Secret Algorithm
- U.K. suit over attempted hiring of senior trader halted
- Automated trading strategy cost $100 million to develop
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Citadel Securities reached a truce with a British hedge fund over the attempted hiring of a senior trader, ending a lawsuit that was set to consider the makeup of a secret algorithm.
Ken Griffin’s market maker and GSA Capital Partners LLP reached a confidential settlement, GSA said in a statement Thursday. The agreement followed claims that GSA Capital obtained information on a closely-guarded trading strategy when it sought to recruit a former quant researcher, Vedat Cologlu, at Citadel Securities.