Citadel Securities was formed in 2002, and is a leading market maker, providing liquidity and trade execution to retail and institutional clients. Citadel Securities automation has resulted in more reliable trading at lower costs and with tighter spreads.[2] Barron's recently ranked Citadel Securities #1 in providing price improvement for investors in both S&P 500 and non-S&P shares.[13] Citadel Securities makes markets in more than 7,000 U.S.-listed securities and in about 18,000 OTC securities worldwide.[15] Citadel Securities is the largest market maker in options in the U.S., executing about 20 percent U.S.-listed equity options volume. According to the Wall Street Journal, about one-third of stock orders from individual investors is completed through Citadel, which accounts for about 10% of the firm's revenue.[9] Citadel Securities also executes about 13 percent of U.S. consolidated volume in equities and 28 percent of U.S. retail equities volume.[16][17] In 2014, Citadel Securities expanded its market-making offering to interest-rate swaps, one of the most commonly-traded derivatives.[18] According to a report in the March 2015 edition of Risk Magazine, Citadel provides quotes to traders in an average time of 0.35 seconds, compared to 2.05 seconds for the next closest market maker.[19] The move into derivatives trading aligns with mandatory clearing requirements under the Dodd-Frank Act, a provision intended to prevent a future Lehman Brothers-style collapse.[20] Citadel Securities retail trading platform is headed by Jamil Nazarali, who was named to the 2014 Trading Technology 40 by Institutional Investor.[21]