Bloomberg's recent exposé on legendary Amsterdam-based derivatives trader, Optiver, is heavy on gloss and sabre rattling - against market leaders like Citadel Securities, Jane Street, and Susquehanna International Group - and light on strategic and competitive analysis. In Part I of this Feed post, Alphacution begins to fill that gap with data, context, and perspective...
Alphacution participates in two high profile articles - on XTX Markets and Susquehanna International Group - published by the Financial Times series "new titans of Wall Street" series...
At the end of the day, how much risk is actually in US equity options? Alphacution distills and presents some never-seen-before numbers from an unprecedented era of this zero-sum game...
Alphacution found a few grains of new data and used them to estimate the retail share of US equity index volume...
Alphacution drops a few bars and a few charts framing IMC Financial Market's significant achievement in option wholesaling...
Part II - Equity PFOF Volumes / Wholesaler Market Shares: Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...
Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...
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...
Off the back of some recent modeling upgrades, Alphacution is finally able to share sample analysis of one of the largest customer accounts in the US equity option market: Parallax Volatility Advisors, LP...
Based on new modeling capabilities, Alphacution builds upon its 2019 analysis of Goldman Sachs' involvement in US equity options to provide new context for the competitive dynamics of the entire US equity option market...
