Silver / Premium

Virtu’s Q3 Net Trading Income Was Predictable Before Earnings Release

For wholesale market makers in US equities there appears to be a relationship between Rule 605 data and net trading income from retail order flow. For Virtu Financial, a public company and the closest example to a "pure play" in US equity wholesaling, this relationship could have been estimated before the Q3 2023 earnings release date. In this Feed post, Alphacution shares its analysis for this finding - and why it's not the most important component of this discovery...

By |2023-11-12T23:23:49-05:00November 10th, 2023|Silver / Premium|

The Evolving Value of Edge (Silver and Premium Subscribers)

What is the value of trading edge? Using "revenue per employee" as a comparative indicator, Alphacution dives deeper than ever before into Virtu Financial's market making business. The results cause a dramatic re-ranking of Virtu in a list of 10 market makers - plus a few other fascinating findings...

By |2023-11-12T23:16:47-05:00November 2nd, 2023|Silver / Premium|