Citadel Securities flags flow fragility

- Citadel Securities published a note titled “Flow Fragility” that analyses how liquidity behaves under stress, concentration and imbalance across markets. - The note focuses on where liquidity merely appears versus where it survives, how order flow clusters, and how shocks propagate in equities and fixed income. - Trading desks can turn the framing into fragility monitors and execution‑aware signals to defend or exploit stressed liquidity. (citadelsecurities.com)