Alphacution Press: FT on XTX Markets and SIG
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...
The Place Where XTX Markets Exceeds Tesla
A new report on AI provides new and useful context for the many "uniquenesses" of London-based proprietary trading firm, XTX Markets...
Alphacution Publishes “XTX [Invades] Markets” Case Study
In this 87-page, 83-exhibit, 22,700-word case study, "XTX [Invades] Markets," Alphacution publishes its findings - a truly incredible story - about the youngest proprietary trading company to cross the $1 billion revenue threshold in the modern markets era - and the founder, Alex Gerko, who has led that run. Based in London and breaking into the top 10 ranks of overall FX traders before its second birthday, conventional reporting states that XTX Markets Limited was spun out of quant hedge fund manager, GSA Capital Partners, in 2015. This is mostly true. However, the full story of Gerko and his XTX group has never properly been told. In this case study, Alphacution has gone further than it’s ever gone before. Finding data in places like Singapore, France, and India - places where XTX has staked satellites of Gerko’s vision - to paint a clearer picture of how, and maybe why, the company has managed to become so expansive in such a short period of time. Alphacution will not be the last to tell a more complete version of XTX’s story, but we may be the first to attempt it. Our version of that story, the beginnings of which are known to very few insiders, starts in October 2010... This and related case studies are available to premium subscribers or via individual document purchase.
GTS Securities, SDP Latour: Things That Go Up…
Competition for structural alpha is more fierce than anywhere else in the capital markets ecosystem because the potential risk-adjusted returns are so extraordinary. Therefore, we find new "green shoots" of success in this space noteworthy...
XTX Deploys Ghost Protocol in US Equity Markets
Alphacution updates its ongoing analysis of emerging US equity market making powerhouse, XTX Markets, and provides a clue as to where it may be finding its edge...
Jane Street, Latour, XTX: Orchestral Manoeuvres in the Dark…
It's rare to observe such consequential trading units from conception...
IMC Financial Markets: You Win Some, You Lose Some
Options powerhouse IMC Financial Markets scores some recent wins and, apparently, some losses, too. Alphacution shares its evidence...
XTX Enters The Dark
Expanding its footprint in US equities, XTX Markets drops its first 605 report for March 2021. Alphacution uses this event to make some comparisons and offer some interpretations about the evolving US equity market structure...
Note to The Market Structure Club on Comparative Order Routing Rates
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...
XTX Markets: Lessons in Strategy Geometry – Part II
“Nearly all men can stand adversity, but if you want to test a man's character, give him power.”Abraham Lincoln In Part I of our Lessons in Strategy Geometry concept, we performed a comparative analysis between the shapes of 13F position rankings for HRT Financial, LLC (an affiliate of Hudson River Trading, LLC; the subject of our next deep-dive case study which is in the oven and almost fully baked, I promise), Latour Trading, LLC, and TRC Investments, LLC (both of which are affiliates of Tower Research Capital, LLC). In that introductory Feed post, our goal was mainly to point out what amounts to underlying differences in strategy, particularly given how unique the Tower "shapes" appeared to be relative to others we had modeled. We didn't go into to much detail beyond that with the idea that it would be more useful to work through possible insights step by step... So, here's a next step: Founded in 2015, XTX Markets, Ltd is one of a very short list of up-and-coming proprietary [...]
