In a continuation from Parts I and II of this series, Alphacution presents a 20-chart walk through the remaining steps it needed to estimate the net price improvement value of odd lot shares - and thus, the total NPIV for all retail order size categories related to wholesale equity market maker, Citadel Securities, over the period 2020 - 2022...
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...
Was Robinhood a flash in the pan? Alphacution makes its case...
First HRT. Then Jump. Now, Optiver joins the chorus representing a collective "squeal" by a subset of secretive prop firms attempting to influence changes to US equity and options market structure...
Following an impromptu gaggle of market structure nerds on the new social media app, Clubhouse, featuring Larry Tabb (Head of Market Structure Research, Bloomberg Intelligence) and Alex Gerko (CEO, XTX Markets), Alphacution offers a comparative ranking of 2020 retail order routing rates...
