Peng Zhao

Peng Zhao serves as CEO of Citadel Securities, which was founded by Ken Griffin as the market-making arm of the Citadel empire. Citadel Securities has grown to become the largest retail equity market maker in the United States, executing over 25% of US equity trades. The firm's business model is primarily based on internalization of retail order flow and electronic market making across equities, options, fixed income, and currencies. Citadel Securities' relationship with Robinhood — as one of its primary sources of payment for order flow — brought intense public scrutiny during the GameStop episode of January 2021, when theories about potential conflicts of interest circulated widely. Despite the controversy, Citadel Securities remains the dominant force in US retail equity market making. Under Zhao's leadership, Citadel Securities has expanded internationally and into new asset classes, reinforcing its position as one of the most technologically sophisticated market-making operations in the world.