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The COVID-19 pandemic expedited this migration, with many firms realizing that business could be conducted effectively outside New York. As traditional financial operations evolved from face-to-face interactions to electronic transactions, the necessity for physical proximity diminished. For example, Citadel Securities even constructed a makeshift trading floor at the Four Seasons in Palm Beach, showcasing adaptability and a commitment to innovation.
During this period, the flexibility of firms to pivot operations rapidly played a crucial role. Citadel’s transition was characterized by a can-do spirit and collaboration amongst hundreds of team members working around the clock to bring operations to Florida—a feat that would typically take years to accomplish.