In becoming the first non-bank member of Swapclear, Citadel Securities (Europe) has signalled that one of the most fundamental structural transformations to come out of the 2008 financial crisis could now not only be irrevocable, but may actually have prompted a power shift away from traditional dealers.

A joint announcement on October 20 confirmed that Citadel, traditionally known as a high-speed trading firm in US stock and Treasury markets, has taken on membership of LCH.Clearnet's SwapClear, with all of the commitment such a membership entails.