In a statement electronic trading firm Citadel Securities said, it has appointed Heath Tarbert as its chief legal officer. The development comes after Tarbert resigned as chair of the Commodity Futures Trading Commission (CFTC).
Citadel, co-founded by billionaire investor Kenneth Griffin, said Tarbert would take on his new role on Monday and he will be responsible for all legal and compliance matters at the company.
Earlier this year in January, Tarbert, a former corporate attorney and senior official at the Treasury Department, stepped down as CFTC’s chairman.
Tarbert’s appointment comes in the wake of Citadel Securities getting embroiled in January’s GameStop saga that put a spotlight on the huge role played by the company in the U.S. retail trading market where its retail trade accounts for nearly 40% of all executed retail trades.
Led by Peng Zhao, Citadel Securities competes with other market makers for order flow from companies, including Robinhood, and receives a large percentage of orders based on execution quality.