Paul

About Paul Rowady

Paul Rowady is the Director of Research for Alphacution Research Conservatory, 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, asset management and banking. He is a 30-year veteran of the proprietary, quantitative and derivatives trading arenas. Contact: feedback@alphacution.com; Follow: @alphacution.

It’s 13F Season Again. Simplex Trading Goes First

In a world of ultra-fierce competition among proprietary traders, it has become increasingly challenging for newer, smaller players to succeed. We have been keeping a close eye on two players who appear to be bucking this trend above the rest. One of them is option market maker, Simplex Trading. In this Feed post, Alphacution showcases the latest 13F reporting to test for signals of Simplex's ongoing success...

By |2021-04-28T00:56:38-04:00April 28th, 2021|For Subscribers|

Alphacution Publishes Payment for Order Flow 2020, Part 1: Rate Heatmaps

2020 will be remembered for many reasons. In the context of Alphacution’s ongoing research focus, we want to remember 2020 as the first full year of enhanced transparency into the mechanics and impacts of the long-held practice of payment for order flow (PFOF). In this 23-page, 20-exhibit deck, Alphacution presents PART I of its upcoming comprehensive case study, Payment For Order Flow 2020, with a focus on order routing rate heatmaps.

By |2021-04-28T01:00:17-04:00April 27th, 2021|Open|

The Mother of All 2020 PFOF Charts

Assembling 4 quarterly reports comprised of 12 monthly sets of figures segmented by 3 securities categories and 4 order types across 12 retail brokerage entities and a subset of some 14 wholesale market makers - each number within which, by the way, painstakingly entered by hand - in order to slice and dice an entire annualized data set from any angle and still have everything add up exactly the same was both a pain in the ass and a labor of love...

By |2021-04-27T21:46:14-04:00April 27th, 2021|For Subscribers|

Bloomberg, Forbes: Alphacution Scores Press Twofer

"There is nothing to writing. All you do is sit down at a typewriter and bleed."Ernest Hemingway Tuesday, April 6, 2021 was a good day for Alphacution in the press... The morning started with a feature by Bloomberg Editor Tom Maloney, "Citadel Gets the Spotlight," wherein he tells the story of Ken Griffin and Citadel Securities' rise as major trading force in the post GFC landscape and - most notably since GameStop - as a recent focal point of politicians and regulators. (I'm sure Ken is not thrilled with the title image.) Here at Alphacution, this article will be remembered primarily for two things: First, for providing a few useful financial tidbits - and, second, for placing a few of our words in the largest font in our history to date - Should it have been "Amazonization" or "Amazonification"? Either way, you get the gist... One more thing on this: I may have told this tale before, but after throwing an unsolicited sharp elbow in Tom's direction in our December [...]

By |2021-04-07T19:25:14-04:00April 7th, 2021|Press|