Citadel earned about $1 bln from high frequency trades

WSJ – Citadel Investment Group LLC earned about $1 billion last year from a unit involved in high frequency trading, the Wall Street Journal said, citing the testimony of a former employee of the hedge fund firm.

According to the Journal, Mikhail Malyshev, a former Citadel trader and accused by the firm of violating non-competitive agreements, testified in a Chicago court that the unit also posted returns of $892 million in 2007, up from $75 million in 2005, and about $3 million in 2004.

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