Morgan Stanley: Swimming Against The Tide
Returning to a provocative thread from late 2022, Alphacution updates some of Morgan Stanley's latest moves in wholesale market making...
Errors and “Exits”: A Teachable Moment From UBS Securities
Based on new data, there's more to the story about UBS Securities and its position in equity wholesaling...
Spooning: Morgan Stanley and Robinhood on Retail Options
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...
Fork It! UBS Securities Exiting Retail Wholesaling
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...
Launchpad: Hudson River Trading Enters Retail Wholesaling
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...
Fix the Spread! A Comparison of Price Improvement by Wholesale Market Makers
Alphacution expands upon an outstanding analysis by BestEx Research on PFOF with additional context on price improvement by leading wholesale market makers.
And the #1 Market Maker is…
There are many ways to rank prop firms and market makers, given the right data. However, depending on the market or the metric used, rankings will differ. Outside of our case studies, here are some figures we've never shared on the Feed, and the implications are likely to be quite consequential for the road ahead...
