Jane Street hired Citadel Securities' head of semi-systematic equities after a 20-month break
Jane Street and Citadel Securities are two of the biggest firms in electronic trading, but they're thought to have very different cultures. It's not often that senior traders cross that divide, but New York-based Theodore Schiffman, who held a number of senior trading roles at Citadel Securities, has just emerged at Jane Street.
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At Citadel Securities, Schiffman was most recently its head of semi-systematic equities. Before that he was head of options trading. Now, at Jane Street, his role is simply 'trader;' Jane Street did not respond to a request for comment, but it's well known that the firm has a tendency to give its senior people basic job titles.
Schiffman has been out of the market on a non-compete since January 2025. Other semi-systematic people left around the same time; we noted that John Harrap, a portfolio manager on the team, left in March 2025. His non-compete is longer, ending in March 2027, and his destination afterwards is as yet unknown.
Working at Jane Street won't be an entirely novel experience for Schiffman. He spent over 12 years at Susquehanna, where many of Jane Street's founding team worked before striking out on their own. At Susquehanna, Schiffman was an equity options trader and a pod leader.
Schiffman isn't the only trader to switch sides this summer. FINRA's BrokerCheck tool shows that Christopher Laliberte joined Jane Street in May after leaving Citadel Securities in February 2025. He was an equities market making risk trader at Citadel Securities for over five years after joining from Morgan Stanley. Laliberte now works on "electronic equities."
As we reported in Morning Coffee today, Jane Street disclosed a $15bn loss for July while raising money for a bond issue. The FT first reported the loss and spoke to "people familiar with the matter," who said Jane Street still made $40m in net revenues for this year through to August 14th.
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