Alphacution Download Library

“The true sign of intelligence is not knowledge but imagination.” – Albert Einstein

The following downloadable content represent samples of premium research from Alphacution’s ongoing mission to measure, model and benchmark the evolutionary impacts of technology on global financial markets and the trading, asset management, and banking businesses they serve. Inquiries on how to establish enterprise subscriptions and access the complete library of premium content should be directed to

Executive Summary: Case Study on Two Sigma Investments, LP and Affiliates

In this 51-page, 61-exhibit case study on one of the most successful quantitative trading firms launched since the dawn of the 21st century  – Two Sigma Investments, LP – Alphacution presents the next in its series of unprecedented reports based on its modeling of many of the most mythological players and impactful themes operating within the current global asset management ecosystem. Of particular note, this report includes a groundbreaking comparative analysis of key strategy parameters between Two Sigma and D. E. Shaw, with additional analytical comparisons that include Millennium Management and Renaissance Technologies; together a grouping of the most revolutionary asset managers in the large-scale quantitative domain.

The complete case study is available to premium subscribers or via individual report purchase.

UPDATED Executive Summary: Case Study on Susquehanna International Group, LLP

In this 55-page, 64-exhibit case study on one of the most legendary proprietary option trading firms of all time – Susquehanna International Group, LLP – Alphacution publishes the next installment in its unprecedented Hiding in Plain Sight series that leverages an assembly of publicly-available data and a growing library of models based on some of the most impactful market participants in the global asset management ecosystem today.

The complete case study is available to premium subscribers or via individual report purchase.

Executive Summary: Deconstructing Citadel Securities

In this 55-page, 45-exhibit case study on market making powerhouse, Citadel Securities, Alphacution continues to expand its unprecedented Hiding in Plain Sight series to explore the unique trading engines and business strategies of the most successful, noteworthy – and mythological – asset managers in the world by presenting its latest storyboard based an assembly of data that lies open to the public.

The complete case study is available to premium subscribers or via individual report purchase.

The Complete Case Study on Spot Trading

In this 32-page, 38-exhibit case study on the proprietary option trading firm, Spot Trading, that closed in late 2017, Alphacution showcases the information and insights that can be harvested from a cache of data that is hiding in plain sight. This report is also intended to educate clients and our broader network about the mechanics and drivers of macro-market structure, as well as to provide a template that will begin to set expectations for the nature of premium content that is being made available as part of Alphacution’s emerging research subscription service.

Full report available for download here:

Executive Summary: The Context Machine: Estimating Asset Manager Technology Spending

In this 48-page, 35-exhibit study, Alphacution goes to new lengths to apply the axiom that effective management requires effective measurement – and begins the process of supporting its hypothesis that there are persistent – and ultimately predictable – relationships between trading and operational factors for asset managers. With most asset managers being private, support for this hypothesis also means that technology spending – a rarely observable data item in this universe – can be estimated with more readily observable and contextual data about AUM and employee headcount.

Moreover, it turns out that by understanding the relative positioning of technology capital (via spending patterns) with that of human capital, we achieve a unique and quantitative – if not, unprecedented – level of understanding about the underlying scope of automation embedded in that firm’s strategy selections. These findings ultimately give birth to Alphacution’s Asset Manager Ecosystem Map, and the deeper exploration into its structural alpha, active management, and passive management zones.

The complete case study is available to premium subscribers or via individual report purchase.

Support the Feed!

Individual Subscription Options

Note: Business credit cards and bank accounts can be used via our PayPal payment portal.

Alphacution is in the intelligence business.

For those of you who are eager to derive greater value from this work and apply that intelligence to your own business interests, Alphacution is offering unaffiliated individual subscription options priced at $275 per year or $25 per month, cancellable at any time. Both of these options include a rebate on purchases of deeper, more substantive reports and case studies.

In other words, the entire value of an individual subscription paid up to the point of purchasing a single report will be deducted from the purchase of that report. (Rebates not to exceed the maximum value of an annual subscription.)

Enterprise subscription packages for individuals affiliated with trading firms and custom content/service engagement options are available upon request at

Now, for those of you who don’t expect to take advantage of the offers outlined above but want to continue to enjoy the insights, intelligence and occassional entertainment that remain openly available on the Feed, I want to make this specific plea:

Free doesn’t mean there are no costs. In fact, in this case, there have been extraordinary costs in the accumulation of experience and sight, meticulous curation and assembly of data, and creative visualization of and storytelling around our findings.

So, if you value quality content – here or anywhere else – then you need to find a way to support that content at some level simply because you want it to continue to exist. Our post, In Support of Digital Content – which was adapted from other notable digital era content developers – makes a more expansive case for this perspective.

Bottom line: Your efforts to support via one-time or recurring contributions will help guard against this content needing to move from the currently preferred audience-driven model (for its level of independence) to a sponsorship-driven model (which can be found on most other industry media outlets).

So, if none of the subscription options suit you, one-time and recurring support contributions can be made at any level here:

Of course, as always: If you value this work, please continue to “like it,” share it, comment on it – or discuss amongst your colleagues – and then send us

As our “feedback loop” becomes more vibrant – given input from clients and other members of our network, especially around new questions to be answered – the value of this work will accelerate.

Don’t be shy…

Unsubscribe from prior subscriptions without further obligation, at any time, here:

By | 2019-11-06T22:30:55+00:00 November 6th, 2019|Alphacution Feed|

About the Author:

Paul Rowady is the Director of Research for Alphacution Research Conservatory, the first digitally-oriented research and strategic advisory platform uniquely focused on modeling and benchmarking the impacts of technology on global financial markets and the businesses of trading, asset management and banking. He is a 30-year veteran of the proprietary, quantitative and derivatives trading arenas with specific expertise in strategy research, risk management, and techno-operational development. Contact:; Follow: @alphacution.