David Silber, Head of Institutional Equity Derivatives, Citadel Securities
About this episode
David Silber discusses the evolution of listed options markets and the impact of technology on derivatives trading.
It was a pleasure to welcome David Silber, Head of Institutional Equity Derivatives at Citadel Securities, to the Alpha Exchange to discuss the evolution of listed options markets, institutional liquidity, and the technology reshaping modern derivatives trading. We begin with Dave’s early career on the floor of the Chicago Board Options Exchange during the transition to multi-listed options, where market making, open outcry, and physical proximity to order flow defined liquidity provision. He reflects on the evolution of the options market from paper tickets and fractional pricing to today's electronic ecosystem, highlighting how advances in technology have fundamentally changed both price discovery and risk management. We then turn to the creation of Citadel Securities’ institutional derivatives business. Dave explains how his experience across multiple firms led him to identify opportunities to reduce friction in institutional options execution by combining technology, quantitative research, and broad access to liquidity. He describes how automation, electronic execution, and competitive pricing have transformed the institutional trading experience while expanding access to…
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