Posts by Paul Rowady

Alphacution Press: A 50-Pound Book Holds the Keys to Citadel Securities

In the September 21, 2525 article, Bloomberg's Lulu Yilun Chen and Katherine Doherty provide a rare look inside the unique goal-setting ritual at Citadel Securities.

By Paul Rowady | September 22, 2025 | Press

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Speculating on Speculation: Robinhood Joins S&P 500

Robinhood disrupts its way into membership in the S&P 500 index. Alphacution offers some charts - and thoughts - on the significance of this market milestone, including a new "torque" factor...

By Paul Rowady | September 21, 2025 | For Subscribers

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Alphacution Press: Jane Street, Citadel Securities Cement Sway With Trading Hauls

Alphacution quoted in Bloomberg's September 2, 2025 article by Katherine Doherty on recent record trading revenue from Jane Street, Citadel Securities, and Hudson River Trading...

By Paul Rowady | September 3, 2025 | Press

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Optiver’s Charm Offensive – Part II

As a continuation of Part I, this Part II represents a deeper dive into Alphacution's latest analysis of the US affiliate of legendary, Amsterdam-based derivatives trader, Optiver - including comparisons with the other legendary, Amsterdam-based derivatives trader, IMC Financial Markets...

By Paul Rowady | September 3, 2025 | Premium Subscribers

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Optiver’s Charm Offensive – Part I (Updated)

Bloomberg's recent exposé on legendary Amsterdam-based derivatives trader, Optiver, is heavy on gloss and sabre rattling - against market leaders like Citadel Securities, Jane Street, and Susquehanna International Group - and light on strategic and competitive analysis. In Part I of this Feed post, Alphacution begins to fill that gap with data, context, and perspective...

By Paul Rowady | September 2, 2025 | For Subscribers

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The Retail Option Landscape – Q2 2025 Update

Retail engagement in US equity options is directly having an outsized impact on US capital markets and indirectly on global market sentiment. Alphacution presents its latest charts on the topic, including clues related to the growth of international retail trading in the US equity market...

By Paul Rowady | August 11, 2025 | For Subscribers

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Jane Street’s Missed Opportunity?

From a Jane Street perspective, Alphacution asks a different question to showcase the recent acquisition of Morgan Stanley's option market making unit by Citadel Securities...

By Paul Rowady | July 31, 2025 | For Subscribers

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Case Study: The Temple of Financial Fantasy

In this 118-page, 145-exhibit case study – “US Equity Market Macrostructure Evolution: The Temple of Financial Fantasy” – Alphacution presents its case for how the adoption of technology by a subset of leading proprietary trading firms have leveraged the regulatory framework over the past 20 years to permanently alter and distort the US equity market to the point of a farcical rivalry between two separate and distinct “stock markets” that are animated by two competing realities. The first reality is...

By Paul Rowady | July 9, 2025 | For Subscribers

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Alphacution Press: Robinhood’s Tenev Becoming a Wall Street Power

Alphacution contribute quote and charts to this Marketwatch article on Robinhood CEO, Vlad Tenev...

By Paul Rowady | June 29, 2025 | Press

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The Model US Equity Portfolio?

In Alphacution's upcoming case study, "US Equity Market Macrostructure Evolution: The Temple of Financial Fantasies," we expose patterns discovered by modeling the entire 13F dataset over a period of nearly 12 years. It turns out that there are significant concentrations of reporting managers at the intersection of certain metrics that we've mined from that dataset. This suggests that there are significant concentrations of similar strategies. Alphacution presents a teaser for its findings...

By Paul Rowady | June 25, 2025 | For Subscribers

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