About Me

John Malitzis is a former regulator with FINRA, NYSE Regulation, and the CFTC, and a 30+ year veteran of legal and compliance in global capital markets. He is a recognized expert in market regulation, surveillance, supervision, exchange regulation, regulatory examinations, heightened supervisory standards, risk management, AI governance, and data governance.

Before founding his own firm, John was Global Head of Surveillance and Managing Director at TD Securities, where he built the firm's global surveillance program, conduct risk framework, data governance function, and surveillance quality-assurance program. Earlier, as a Managing Director at Citigroup Global Markets, he worked across both first-line risk and control and second-line Compliance, serving as Global Head of Electronic Trading Risk and Americas Head of Conduct Risk. In these roles, John built Citi's global e-trading risk program and Americas Conduct Risk program, led the closure of Citi's FX Consent Order with the Federal Reserve, and oversaw a major remediation effort with the UK's Prudential Regulation Authority and Financial Conduct Authority. As Citi's Global Head of Surveillance, he also built and led a global program spanning trade, voice, and electronic surveillance.

John has held senior surveillance and legal leadership roles across major markets and exchanges. As Chief Surveillance Officer and Deputy General Counsel at Citadel Securities, he built the firm's global surveillance department and advised across all broker-dealer businesses. At FINRA, as Executive Vice President of Market Regulation, he ran the trading examination program and co-managed cross-market manipulation surveillance in close coordination with the SEC and other exchanges. He began his career at NYSE, rising to Division Chief and Executive Vice President of Market Surveillance, and earlier held senior legal roles at Citigroup Global Markets, Nasdaq, and NASD, as well as serving as a trial attorney at the CFTC.

John is a qualified arbitrator for the American Arbitration Association and FINRA and serves on IEX's Disciplinary Hearing Board. He holds an LL.M. from Columbia Law School and a J.D. from Boston College, and is admitted to the bars of New York, Massachusetts, and the District of Columbia.

Experience

2026 to Present

JFM Advisory and ADR Services

Managing Member and Founder

Leveraging my expertise and regulatory experience in financial services, I established my own firm to provide compliance consulting and expert witness services to large banks (globally systemically important banks), law firms, broker-dealers, exchanges, and other financial institutions.
Qualified Panelist (Neutral) for the American Arbitration Association (ABA)
Qualified as an Arbitrator (Public) for Financial Industry Regulatory Authority (FINRA)

2024 to 2026

TD Securities

Global Head of Surveillance, Managing Director

Built a global trade and communications surveillance program across TD Securities.
Established firm’s market practice risk framework (taxonomy and global risk assessment), surveillance data quality framework (controls, monitoring, and governance), and surveillance quality assurance program.
Lead the firm's effort to implement large language models, machine learning, and other forms of AI to perform targeted control design testing and control-effectiveness.
Presented to the TD boards and committees, senior governance meetings, and to regulators globally.

2019 to 2024

Citigroup Global Markets

Global Head of Electronic Trading Risk and Control, and Americans Head of Conduct Risk, Managing Director (2021 to 2024)

Responsible for the global implementation of Citi’s Electronic Trading Risk and Control framework for the Markets business.
Worked with E-Trading businesses heads (FX, Equities, Spread Products and Rates) to implement the firm’s E-Trading Risk Management Policy, Standards and Procedures.
Managed the E-Trading Risk Framework (business risk assessments, control-effectiveness assessments, and risk-appetite reporting).
Lead and completed remediation related to a regulatory review of the firm’s E-Trading controls by the UK Prudential Regulatory Authority.
Responsible for annual compliance certifications and assessments for MiFID II and the SEC’s Market Access Rule.
Conducted real-time surveillance for disruptive/disorderly trading practices. Presented to the FRB, OCC, UK FCA, PRA, HKMA, SEC, NFA, FINRA and other regulators globally.
Managed cross-product Internal Audit and quality assurance reviews of E-Trading (Markets).
Oversaw the Americas implementation of the supervisory framework, which included: market conduct risk controls, polices, and procedures; first-line transaction monitoring (surveillance); data governance for transaction monitoring (lead); and supervisory controls.
Created global risk framework for overseeing internal and external fraud.
Lead the firm’s global transformation, remediation, and closure of the Citi’s FX Consent Order with the FRB.
Presented at global and regional governance forums, board committees, and multiple regulators globally.

Global Head of ICG Surveillance, Managing Director (2019 to 2021)

Responsible for global institutional surveillance program covering trade, voice, electronic communications, and information barrier surveillance.
Managed a staff of approximately 400 employees across North America, Latin America, EMEA, Asia Pacific, and Japan. capabilities, such as creating the quantitative surveillance-development team, global data
Led the transformation of the ICG Surveillance Department, including building core capabilities, such as creating the quantitative surveillance-development team, global data quality team, a quality assurance and control effectiveness program, and a surveillance regulatory-change management (including new-products review team).
Developed efficient and effective surveillance tools using emerging technologies and methods.
Revamped the firm’s Market Conduct Risk Management framework for the Second Line of Defense.
Lead Citi’s regulatory surveillance remediation projects including the FX Consent Order and MiFID II remediation. Presented to Citi board committees and global governance forums.
Interfaced with regulators internationally, including the Securities and Exchange Commission, FINRA, the Federal Reserve Bank, the Office of the Comptroller of the Currency, the UK Financial Conduct Authority, and the Japan Financial Service Agency.

2016-2018

Citadel Enterprises and Citadel Securities

Chief Surveillance Officer and Managing Director (Citadel Enterprises)

Created global trade surveillance and electronic communications surveillance program for Citadel Securities and Citadel Asset Manager.
Hired key staff and implemented various surveillance technology solutions. Developed all aspects of the program, including management reporting, risk-management framework, and surveillance testing.

Deputy General Counsel and Managing Director (Citadel Securities)

Provided legal counsel on all aspects of the firm’s broker/dealer business (i.e., equities, options, futures, fixed income, treasuries, FX, and swaps).
Responded to regulatory inquiries and assisted with investigations and enforcement matters.
Led significant global remediation projects. Participated in industry committees.

2010-2016

Financial Industry Regulatory Authority

Executive Vice President, Market Regulation Department

Co-managed and built the surveillance programs for the NYSE equities market and the cross-market manipulation (market abuse) covering the Nasdaq, NYSE, and BATS exchanges.
Responsible for the equities, options and fixed income institutional trading examination program and the financial and operations exam program for proprietary trading firms and alternative trading systems. Areas of focus included: high frequency trading; algorithmic trading; Regulation ATS (dark pools); Regulation SCI, the market access rule; technology controls and governance; best execution/order routing and handling; Regulation SHO; Regulation NMS; OATS; information barriers/safeguards for material non-public information; and general supervision of equity and derivatives trading.
Worked regularly on policy matters and enforcement investigations with the SEC, CFTC, Federal Reserve Bank, New York State Attorney General’s Office, IIROC, and the UK Financial Conduct Authority, and Australian Securities and Investment Commission.

2004 to 2010

New York Stock Exchange Regulation

Division Chief and Executive Vice President, Market Surveillance

Managed the Exchange’s Division of Market Surveillance, which was comprised of approximately 125 attorneys, analysts, examiners, economists, and technologists, with an operating budget of approximately $20 million.
Oversaw the surveillance and investigation of insider trading, market manipulation, high frequency trading, short sales (Reg SHO), Regulation NMS, customer order handling, front running, trading ahead, and audit trail requirements.
Worked closely with senior staff of the SEC’s Division of Trading and Markets, SEC Division of Enforcement, and the SEC’s Division of Compliance, Inspections, and Examinations on a broad range of regulatory issues (policy matters, examinations, enforcement referrals, and other initiatives).
Managed both internal and external auditors (monitor).
Led cross-border regulatory policy initiatives with various European statutory regulators, including the UK Financial Service Authority/Financial Conduct Authority.

Vice President - Market Surveillance

Restructured, enhanced, and oversaw the Exchange’s specialist and inter-market surveillance departments in the wake of an SEC enforcement action against the NYSE; worked to rebuild credibility with the SEC and other regulators; and built a new compliance/surveillance team.
Managed a complex technology project requiring the implementation of an unprecedented number of automated surveillances in connection with the Exchange’s implementation of a new trading platform.
Implemented SEC and internal audit recommendations and undertakings as part of a broad SEC enforcement action against the NYSE. Counseled senior staff from the Exchange’s trading systems and technology departments on the regulatory and policy implications of various business initiatives and rule changes.

2002 to 2004

Citigroup Global Markets

Associate General Counsel, Senior Vice President

Provided legal counsel to senior management and trading personnel of the Equities Division in the following areas: cash trading, equity derivatives, electronic market making, program trading, connectivity, soft dollar/introducing broker, and equity capital markets.
Created compliance policies and procedures.
Responded to regulatory inquiries from the SEC, FINRA, NYSE and the options markets.
Liaised with senior regulatory staff of the SEC, NYSE, Nasdaq, and the NASD on regulatory and market-structure issues.
Provided general corporate legal advice.
Co-chaired Citigroup’s Equity Market Structure Committee.
Represented the firm on industry committees such as the SIA Trading Committee, Nasdaq Quality of Markets Committee, and Nasdaq Legal Advisory Board.

1995 to 2002

The Nasdaq Stock Market, Inc. and NASD

Nasdaq Transaction Services, Vice President

Developed new products and services for the Nasdaq Stock Market, including continued enhancement of Nasdaq’s core trading system.

Nasdaq Office of General Counsel, Associate General Counsel

Crafted Nasdaq trading rules working with industry committees and the SEC.
Counseled senior management on market structure, market data, corporate governance/listing matters, intellectual property, and general corporate matters.
Counsel to Nasdaq’s industry buy-side and sell-side committees.
Provided interpretive advice on Nasdaq rules to compliance, legal, and trading personnel at broker/dealers.

NASD Office of General Counsel, Senior Attorney

Managed all aspects of appeals of disciplinary (enforcement) actions brought against NASD members.

Education

Columbia University Law School, LL.M., Masters in Global Business Law, with Honors
Boston College Law School, Juris Doctorate, Revisions Editor, Uniform Commercial Code Reporter-Digest
State University of New York at Albany, Bachelor of Arts in Political Science, Summa Cum Laude; Phi Beta Kappa

Professional Qualifications

American Arbitration Association - Qualified Panelist
FINRA Dispute Resolution - Qualified Arbitrator
Member of the bar of New York State, Massachusetts, and the District of Columbia
Harvard Law School & Harvard Kennedy School of Government - Certificate in the Regulation of Digital Assets
AI Technology & Privacy Academy – Certificate in Advanced AI Governance

Activities

Member - Bar Associations of New York State and New York City
Hearing Panelist - Investors Exchange (IEX) Disciplinary Committee
Former Chair Intermarket Surveillance Group (international body of exchange and
statutory market regulators: ASIC, CIRO, UK FCA, SEC, and CFTC)