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

Case Study: US Equity Options – Top 100 Institutional Customer List, Q3 2024

In this 27-page, 20-exhibit case study, “US Equity Options – Top 100 Institutional Customer List, Q3 2024,” Alphacution ranks a group of 111 institutional US equity option participants – including banks, brokers, hedge funds, asset managers, and proprietary trading firms – by 5 factors, including total notional long option value, long option positions, average long option position value, long option contracts, and average long option contracts per position – all of which, as of September 30, 2024. This study complements...
By Paul Rowady | December 23, 2024 | For Subscribers
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BlackRock + Millennium: A Succession Plan?

Last week, the Financial Times was first to report that BlackRock, the largest overall asset manager in the world (at ~$11.5 trillion), was in early talks to buy a minority stake in Izzy Englander's Millennium Management, one of the largest hedge funds in the world (at ~$67.9 billion). Though there is no way of knowing the outcome of this news at this time, Alphacution presents its analysis of the potential meaning and impacts of this partnership...
By Paul Rowady | November 11, 2024 | Silver / Premium
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BlackRock + Millennium: A Succession Plan?

Last week, the Financial Times was first to report that BlackRock, the largest overall asset manager in the world (at ~$11.5 trillion), was in early talks to buy a minority stake in Izzy Englander's Millennium Management, one of the largest hedge funds in the world (at ~$67.9 billion). Though there is no way of knowing the outcome of this news at this time, Alphacution presents its analysis of the potential meaning and impacts of this partnership...
By Paul Rowady | November 11, 2024 | For Subscribers
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Case Study: US Equity Option Market Makers – Core Strategies and Market Shares, 2019-2023

In this 187-page, 213-exhibit, 45,000-word case study, “US Equity Option Market Makers: Core Strategies and Market Shares, 2019 – 2023,” Alphacution publishes its most comprehensive analysis to date based on the modeling of 17 proprietary trading firms who serve variously as market makers in US equity derivatives across the backdrop of 5 interconnected product classes in futures and options. The objective of this research project was to shed new light on US equity option market mechanics by exploring the products,...
By Paul Rowady | October 11, 2024 | For Subscribers
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US Equity Options: The Money Shot Teasers

Against the rapidly evolving composition of products and customers in the US equity option market during a 5-year focus period, 2019 - 2023, Alphacution assembled, normalized, and integrated several publicly-available datasets to take the unprecedented step of modeling and analyzing a group of 17 proprietary trading firms – all of which are registered broker-dealers trading securities for their own account – individually and as a group… In this Feed post, Alphacution presents a few "teasers" from its upcoming case study...
By Paul Rowady | September 9, 2024 | For Subscribers
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