CITADEL SECURITIES v. SECURITIES & EXCHANGE COM'N

No. 20-1424.

45 F.4th 27 (2022)

CITADEL SECURITIES LLC, Petitioner v. SECURITIES AND EXCHANGE COMMISSION, Respondent. Investors Exchange LLC, Intervenor.

United States Court of Appeals, District of Columbia Circuit.

Decided July 29, 2022.


Attorney(s) appearing for the Case

Jeffrey B. Wall argued the cause for petitioner. On the briefs were Jeffrey B. Korn , Patricia O. Haynes , Mark T. Stancil , and Kristin Bender.

Christina M. Carroll , Kristen C. Rodriguez , Douglas W. Henkin , and Richard M. Zuckerman were on the brief for amici curiae New York Stock Exchange, LLC, et al. in support of petitioner.

Alexandra A.E. Shapiro and Daniel J. O'Neill were on the brief for amicus curiae Andrew N. Vollmer in support of petitioner.

Emily True Parise , Senior Litigation Counsel, U.S. Securities and Exchange Commission, argued the cause for respondent. With her on the brief were Michael A. Conley , Acting General Counsel, Dominick V. Freda , Assistant General Counsel, and Brooke Wagner , Attorney.

Catherine E. Stetson argued the cause for intervenor. With her on the brief were Katherine B. Wellington and Reedy C. Swanson.   Sundeep Iyer and Neal K. Katyal entered appearances.

Dennis M. Kelleher , Stephen W. Hall , and Jason R. Grimes were on the brief for amicus curiae Better Markets, Inc. in support of respondent.

Daniel A. Rubens and Alexandra Bursak were on the brief for amicus curiae XTX Markets, LLC in support of respondent.

Thomas A. Burns was on the brief for amicus curiae Healthy Markets Association in support of respondent.

Before: Rao and Walker, Circuit Judges, and Sentelle, Senior Circuit Judge.


The Securities and Exchange Commission approved a recent attempt by a securities exchange to prevent investors from buying and selling securities before other investors can know that market prices have changed.

We deny the petition challenging the SEC's decision.

I

Gone are the days of stock traders...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases