Per a recent report, hedge fund and market maker behemoth Citadel is suing two former executives. The individuals identified as Leonard Lancia and Alex Casimo broke off from the company to start a high-frequency trading firm called Portofino Technologies.
According to the lawsuit filed by Citadel Securities, Lancia, former Head of Europe Systematic Market Making for Derivatives, and Casimo, Business Manager for the firm’s Europe team, tried to raise capital for their firm while still working at the hedge fund. Thus, the individuals allegedly breached their agreement with the company as they still have access to proprietary information.
Citadel Securities is one of the world’s largest and most prominent hedge funds; its proprietary products allow it to gain an edge over its competitors. Last year alone, the hedge fund scored over $16 billion in profit while the rest of the market trended to the downside.
Therefore, the company jealously protects its intellectual property. After exa
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