Posts by Paul Rowady

About Paul Rowady

Paul Rowady is the Director of Research for Alphacution, a research and strategic advisory platform uniquely focused on modeling and benchmarking the impacts of technology on global financial markets and the businesses of trading and asset management. He is a 35-year veteran of the proprietary, quantitative and derivatives trading arenas.

Contact: feedback@alphacution.com

The AI Trade and Implied Liquidity Preferences: A Macrostructure Perspective

The following has been excerpted and enhanced from Alphacution's case study, "US Equity Market Macrostructure Evolution: The Temple of Financial Fantasy." The implied liquidity preferences by a plurality - and possibly a majority - of institutional equity investors have taken control of the narrative known more commonly as the "AI trade." Today, a short list of proprietary trading firms are stepping up to facilitate their diversification (and exit) from this distributed concentration - at the expense of retail traders (and...
By Paul Rowady | December 11, 2025 | Premium Subscribers
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Raising the Gates: New Subscription Pricing, Status Report 2026

Alphacution has launched a new website in preparation for implementing a new subscription pricing strategy for 2026. As a key part of that, Basic and Silver subscriptions will be discontinued and incentivized to upgrade by year-end 2025. With a brief review of more than a decade of notable achievement as backdrop, this Open Feed post outlines Alphacution's development plans for the immediate future, including details about incentives for existing subscribers to upgrade to - and new subscribers to consider -...
By Paul Rowady | November 24, 2025 | Open
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David E Shaw’s Strategy Frame (Updated w/ New Chart)

Using legendary quantitative trading pioneer D. E. Shaw as the subject - and based on our proprietary version of public datasets, Alphacution showcases new modeling capabilities about manager strategies, including components of strategy turnover (by product class), values by (GICS) sector, and positions by holding period - among other surprises...
By Paul Rowady | November 13, 2025 | For Subscribers
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Hudson River Trading Finally Sets A Hook

No doubt, options are the rage. Have been for a few years, thanks to an increasingly emboldened, crowd-sourced army of retail warriors - and timely new product developments by a consortium of exchanges, influential market makers, and other notable players in US equity options... The competition to play this game as a market maker is fierce. The cost of complexity makes this game difficult for smaller players - some of them highly experienced and long-time players - to afford to...
By Paul Rowady | October 31, 2025 | For Subscribers
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Dopamine Rush: CME, NYSE, Robinhood – Groping The Gamblers, Part II

Prediction markets - like Kalshi and Polymarket - are enjoying a beautiful day in the sun with all the new deal flow and attention from NYSE, CME, Robinhood and others. Now, the National Hockey League (NHL) is eagerly stepping up to be the first major US sports rights holder to drape itself in logo-embossed gambling. Alphacution shows the mechanics and real objectives of this sudden flurry of activity...
By Paul Rowady | October 23, 2025 | For Subscribers
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