odd lots

Retail Equity Flow Acquisition Costs: Heart of the ‘Price Improvement’ Mechanism – Part IV (Conclusion)

In the conclusion to Parts I, II, and III of this series, Alphacution assembles its findings in terms of total retail equity order flow 'acquisition costs'; some insights into the wholesaler strategy behind why they pay these costs; and a simplified recommendation to the SEC...

By |2023-04-13T00:03:48-04:00April 12th, 2023|For Subscribers|

Billions of Odd Lots: Heart of the “Price Improvement” Mechanism – Part III

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...

By |2023-03-29T23:46:51-04:00March 29th, 2023|For Subscribers|