Griffin, owner of the giant hedge fund Citadel Group, which is based in Chicago, proposed open pricing for commonlytradedderivatives, byquoting their priceselectronically.
The firm suffered significant losses during the global economic recession that followed, starting with the costly divestiture deal with the Citadel Investment Group in late 2007 to offload its subprime portfolio.
Also in late 2009, Chicago hedge fund giant Citadel Investment Group became embroiled in a legal battle with two former staffers who had started up their own high-frequency trading outfit, Teza Technologies.