Given the approaching timing of the SEC's proposed overhaul of US equity market structure, Alphacution takes its analysis of 605 data to a new level with this one (using Citadel Securities as the initial example). Nearly four years of monthly price improvement rates per share and net price improvement values by order size and order type categories are among the highlights here...
Alphacution presents new perspectives on US retail investor behavior in equity options...
With the latest data in hand, Alphacution follows up on Virtu's claim of "another record year in options market making in 2022."
Alphacution adds a few thoughts on risk management and Jane Street to Joe Rennison's New York Times article on Sam Bankman-Fried: "‘Effective Altruism’ Led Bankman-Fried to a Little-Known Wall St. Firm"
Virtu's "record year in options market making" claim is not possible in terms by which real option market makers operate...
L'Agefi sur comment Ken Griffin bâtit son empire. Le financier américain a construit une forteresse associant un hedge fund et un teneur de marché.
The Wall Street Journal's Gunjan Banerji uses Alphacution's estimates in "Some Amateur Investors Retreat From Markets."
Alphacution drops a few bars and a few charts framing IMC Financial Market's significant achievement in option wholesaling...
In this 34-page, 36-exhibit, 6,400-word Focus Note, "European ETP Spread Analysis For Systematic Internalisers," Alphacution publishes its findings from the core research objectives of this project: 1) credibly quantify the theoretical "gross" spread value for ETPs traded on LSEG, 2) credibly quantify the portion of this value for SIs, and 3) illuminate or elevate any other clues about the trading preferences of SIs.
With the latest data in hand, Alphacution updates its analysis of troubled option wholesaler, Simplex Trading...
