Turns out, UBS Securities may have some stiff competition for who can exit the wholesale market making business faster. Alphacution updates some modeling on Morgan Stanley & Co - and its strange bedfellow, Robinhood - on the eve of Q3 2022 PFOF reports...
We've seen it coming for a long time. There were many clues along the way from which to anchor a prediction. Now, the evidence is too dramatic to ignore: UBS Securities is exiting the retail equity wholesale market making business. Alphacution rolls out its case, along with other key findings...
In mid-2021, Hudson River Trading announced - via the WSJ - that it would be entering the retail equity wholesaling game in 2022. That day has arrived. This is what Alphacution has found so far...
Competition for structural alpha is more fierce than anywhere else in the capital markets ecosystem because the potential risk-adjusted returns are so extraordinary. Therefore, we find new "green shoots" of success in this space noteworthy...
In this Feed post, Alphacution returns to an important question: Is there enough theoretical alpha still available for another highly successful nested alpha strategy architecture (NASA) player, like Citadel or SIG? The combo of Two Sigma Investments and Two Sigma Securities was - and still is - the focal point for this question...
This week, Alphacution goes overboard to create a detailed backdrop for what some are calling a frenzy for single-stock ETFs as well as what that could mean for the concept of a "synthetically singular global market."
Alphacution updates its ongoing review of Virtu Financial with the latest 2022 financial and operational data...
Though the financial press highlighted a proposal to consider auctions in US equities for retail order flow, the SEC actually proposed 6 areas of interest for market structure rule changes. Alphacution presents its case for what's truly at issue here...
Alphacution updates its ongoing analysis of emerging US equity market making powerhouse, XTX Markets, and provides a clue as to where it may be finding its edge...
There was one fascinating set of details that didn't quite fit into last week's Q2 2022 update review of Robinhood relating to crypto wholesale market makers. Alphacution shares those details here...
