Open

Open documents, such as the executive summaries for many of Alphacution’s most comprehensive research reports, are accessible to all registered users. Open documents are the only document category that can currently be downloaded directly from the Alphacution website.

History of Jane Street – Executive Summary

In this 125-page, 149-exhibit, 26,000-word case study, “History of Jane Street,” Alphacution sets a new bar for the scope of a case study focused one of the leading proprietary trading and market making firms in the world, with notable expansions relative to prior cases studies into regional, US option strategy, revenue estimation, and comparative analysis details (including Citadel Securities, Susquehanna International Group (SIG) and affiliates, and Two Sigma Investments and affiliates). The complete case study is available to premium subscribers or via individual report purchase.

By |2020-10-04T16:32:53-04:00May 28th, 2020||

Two Sigma Investments, LP and Affiliates – Executive Summary

In this 51-page, 61-exhibit case study on one of the most successful quantitative trading firms launched since the dawn of the 21st century  – Two Sigma Investments, LP – Alphacution presents the next in its series of unprecedented reports based on its modeling of many of the most mythological players and impactful themes operating within the current global asset management ecosystem. Of particular note, this report includes a groundbreaking comparative analysis of key strategy parameters between Two Sigma and D. E. Shaw, with additional analytical comparisons that include Millennium Management and Renaissance Technologies; together a grouping of the most revolutionary asset managers in the large-scale quantitative domain. The complete case study is available to premium subscribers or via individual report purchase.

By |2020-10-15T13:49:39-04:00November 24th, 2019||

Susquehanna International Group, LLP – Executive Summary

In this 55-page, 64-exhibit case study on one of the most legendary proprietary option trading firms of all time – Susquehanna International Group, LLP – Alphacution publishes the next installment in its unprecedented Hiding in Plain Sight series that leverages an assembly of publicly-available data and a growing library of models based on some of the most impactful market participants in the global asset management ecosystem today. The complete case study is available to premium subscribers or via individual report purchase.

By |2020-10-15T13:50:23-04:00July 31st, 2019||

Deconstructing Citadel Securities – Executive Summary

In this 55-page, 45-exhibit case study on market making powerhouse, Citadel Securities, Alphacution continues to expand its unprecedented Hiding in Plain Sight series to explore the unique trading engines and business strategies of the most successful, noteworthy – and mythological – asset managers in the world by presenting its latest storyboard based an assembly of data that lies open to the public. The complete case study is available to premium subscribers or via individual report purchase.

By |2020-10-15T13:51:23-04:00March 24th, 2019||

The Complete Case Study on Spot Trading

In this 32-page, 38-exhibit case study on the proprietary option trading firm, Spot Trading, that closed in late 2017, Alphacution showcases the information and insights that can be harvested from a cache of data that is hiding in plain sight. This report is also intended to educate clients and our broader network about the mechanics and drivers of macro-market structure, as well as to provide a template that will begin to set expectations for the nature of premium content that is being made available as part of Alphacution’s emerging research subscription service. The full report is available to registered users for download here:

By |2020-09-29T14:59:21-04:00March 7th, 2019||

The Context Machine: Estimating Asset Manager Technology Spending – Executive Summary

In this 48-page, 35-exhibit study, Alphacution goes to new lengths to apply the axiom that effective management requires effective measurement – and begins the process of supporting its hypothesis that there are persistent – and ultimately, predictable – relationships between trading and operational factors for asset managers. With most asset managers being private, support for this hypothesis also means that technology spending – a rarely observable data item in this universe – can be estimated with more readily observable and contextual data about AUM and employee headcount. Moreover, it turns out that by understanding the relative positioning of technology capital (via spending patterns) with that of human capital, we achieve an unprecedented and quantitative level of understanding about the underlying scope of automation embedded in that firm’s strategy selections. These findings ultimately give birth to Alphacution’s Asset Manager Ecosystem Map, and the deeper exploration into its structural alpha, active management, and passive management zones. The complete case study is available to premium and silver subscribers or via individual report purchase.

By |2020-10-04T16:37:04-04:00April 19th, 2018||