IMC Overtakes SIG
Alphacution drops a few bars and a few charts framing IMC Financial Market's significant achievement in option wholesaling...
Simplex Trading Disappears From Option Wholesaling
With the latest data in hand, Alphacution updates its analysis of troubled option wholesaler, Simplex Trading...
The Mother of All PFOF Charts – Q3 2022 Edition, Part II
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...
The Mother of All PFOF Charts – Q3 2022 Edition, Part I
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...
Simplex Trading Stumbles?
The Wall Street Journal reports that Simplex Trading may have - temporarily or permanently, we don't know - stopped accepting retail option orders. Alphacution provides some context around Simplex's option wholesaling business...
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...
Two Sigma Securities and the Competitive Market Landscape
In this Feed post, Alphacution returns to an important question: Is there enough theoretical alpha still available for another highly successful nested alpha strategy architecture (NASA) player, like Citadel or SIG? The combo of Two Sigma Investments and Two Sigma Securities was - and still is - the focal point for this question...
