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

Baghdad Bessent And The New Capital War (Updated)

Alphacution continues its analysis of US equity liquidity factors contextualized against the backdrop of foreign holdings of US securities - which is further contextualized against the backdrop of the composition and expected growth of the US national debt - and all of which is set against the backdrop of the "Trump Trade War." Meanwhile, as the key financial spokesman for the Trump administration, US Treasury Secretary Scott Bessent appears to have consciously adopted one of recent history's most colorful roles;...
By Paul Rowady | May 8, 2025 | For Subscribers
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Baghdad Bessent And The New Capital War

Alphacution continues its analysis of US equity liquidity factors contextualized against the backdrop of foreign holdings of US securities - which is further contextualized against the backdrop of the composition and expected growth of the US national debt - and all of which is set against the backdrop of the "Trump Trade War." Meanwhile, as the key financial spokesman for the Trump administration, US Treasury Secretary Scott Bessent appears to have consciously adopted one of recent history's most colorful roles;...
By Paul Rowady | May 8, 2025 | Silver / Premium
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Blood Bath: Foreign Holdings of US Equities by Domicile, YE2024

In keeping with its current focus on the evolution of US equity market macrostructure, Alphacution presents its estimate for foreign (non-US) holdings of US equities by domicile for year-end 2024. As if right on cue, Bloomberg published similar estimates by Goldman Sachs this morning. In this Feed post, find out 1) how close Alphacution's estimate is to GS, and 2) what both estimates likely mean for US equities in the current era...
By Paul Rowady | April 25, 2025 | Silver / Premium
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Blood Bath: Foreign Holdings of US Equities by Domicile, YE2024

In keeping with its focus on the evolution of US equity market macrostructure, Alphacution presents its estimate for foreign (non-US) holdings of US equities by domicile for year-end 2024. As if right on cue, Bloomberg published similar estimates by Goldman Sachs this morning. In this Feed post, find out 1) how close Alphacution's estimate is to GS, and 2) what both estimates likely mean for US equities in the current era...
By Paul Rowady | April 25, 2025 | For Subscribers
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History’s Greatest Trade by The World’s First Trillionaire

Against the unavoidable backdrop of the ongoing Trump 2.0 global economic policy extravaganza and our own unique perspective on the true definition of the "Trump Trade," Alphacution presents its evidence for how current US equity market macrostructure has become degraded as a price discovery mechanism. This research is a prologue to Alphacution's upcoming case study, "US Equity Market Macrostructure Evolution."
By Paul Rowady | April 20, 2025 | For Subscribers
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Headlands Technologies: Return of the Pioneers (Case Study)

In this 33-page, 32-exhibit case study, “Headlands Technologies: Return of the Pioneers,” Alphacution details the profound paradox of one of the newest liquidity providers in US equities while simultaneously being one of its most consequential pioneers. Follow Matt Andresen’s journey from Island ECN to the early incarnation of Citadel Securities to the launch of Headlands, where he and team spent a decade – racking up success after success as a liquidity provider in other products, asset classes, and regions –...
By Paul Rowady | March 6, 2025 | For Subscribers
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Retail Flow Factor: Everything Is A Trading App

The roster of market actors around retail option trading continues to grow. Beyond the marquee names - like Charles Schwab, Robinhood, or Interactive Brokers - there is an expanding array of new, old, and different players joining those who cater to the "emotional money." In this Feed post, Alphacution expands its retail equity option volume estimates from 17 to 25 players...
By Paul Rowady | February 27, 2025 | For Subscribers
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24/5: Exporting US Equity Market Access

In support of its great "sentiment engine," there's a rush to develop the next big wave of retail trading in the US. The irony here - with all the recent sabre-rattling around tariffs - is that this new wave requires exporting access to US equity markets to additional retail investors around the world. Alphacution adds significant new evidence to its ongoing case on the matter...
By Paul Rowady | February 17, 2025 | For Subscribers
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