Ken Griffin’s Trading Firm Tied to Company Aided by Richard Irvin: Report
Citadel Securities, the firm founded by mega-wealthy Illinoisan Ken Griffin, works with a company that got major help from Aurora Mayor and gubernatorial hopeful Richard Irvin
– the same GOP candidate Griffin’s so far backed to the tune of $20 million. That’s according to a Bloomberg story published Thursday. news.wttw.com/2022/04/21/ken…
Irvin heavily backed Scientel’s effort to build a controversial communications tower reportedly used for high frequency trading over the objections of a competitor and members of Aurora City Council. Critics say Irvin strong-armed aldermen to back the Scientel tower.
The council eventually reversed a previous vote and allowed Scientel’s tower to be built.
High-frequency trading firms like Citadel use computer algorithms to make huge volumes of transactions very quickly.
The faster they do it, the more money they can make – meaning the speed at which they transmit their orders can translate directly into money. According to an email obtained by Bloomberg, Scientel worked with Griffin’s Citadel Securities to build a wireless network.
“We absolutely can’t f*ck this up,” the message says, with Citadel’s goal being to “position ourselves to build a lot more.”
After the WTTW News report on the relationship between Scientel and Irvin – and industry rumors reported by Bloomberg that Scientel and Citadel worked together – a Citadel spokesperson told WTTW News the company did not use Scientel’s tower.
But in Thursday’s story, Bloomberg reports that Scientel has placed communications equipment on another company’s nearby structure – and cites someone with direct knowledge of the deal who said Scientel’s antenna was only used by Griffin’s firm.
Ken Griffin Goes 'All In' to Make Mayor of Key Trading Hub the Governor of Illinois
Citadel founder spending big to defeat Pritzker in Illinois
Griffin backs mayor of Aurora, a high-speed trading crossroads
SPRINGFIELD, Ill. (WGEM) - A concerned Chicago resident filed a complaint against Aurora mayor Richard Irvin’s campaign for governor Thursday, citing a violation of the Campaign Disclosure Act.
After recently contributing a record-breaking total of $45 million to a candidate running for governor of Illinois, Chicago-based hedge fund billionaire Ken Griffin has become the largest GOP megadonor in the country for combined federal and state campaigns this election cycle.
Ken Griffin Goes 'All In' to Make Mayor of Key Trading Hub the Governor of Illinois
While the Chicago Mercantile Exchange is headquartered more than 30 miles away, virtually all the trading happens between computers here in a data center on Diehl Road.
Dish antennas attached to towers are crucial to making this work and enabling firms to keep pace with rivals. That’s because the antennas beam buy and sell orders to other financial markets in Chicago, the U.S. East Coast and elsewhere around the globe.
The Citadel chief’s pick for Illinois: none other than Aurora Mayor Richard Irvin. So far, Griffin has pledged $20 million to Irvin’s campaign, the rough equivalent of half the money he’s sunk into the midterm elections.