Citadel Securities, one of the world's largest market makers, on Friday filed an application for a securities licence in China, about a year after its global CEO expressed interest in entering the market.

Ken Griffin’s Citadel Securities handed in its application to establish a brokerage in mainland China, paving the way for expansion while most Wall Street firms are struggling to navigate the country’s markets.

Citadel Securities, led by CEO Peng Zhao, has submitted an application to the China Securities Regulatory Commission to establish a brokerage in mainland China. The move comes as many Wall Street firms find it challenging to navigate the country's markets.