PFOF Cage Match, Q1 2023
Alphacution shares highlights - and lots of charts - from the most recent trove of PFOF data...
0DTE SWAG: Retail Share of Index Options
Alphacution found a few grains of new data and used them to estimate the retail share of US equity index volume...
Case Study: “IMC Financial Markets and the 0DTE Option Boom”
In this 98-page, 115-exhibit, 22,400-word case study, “IMC: International Marketmakers Combination,” Alphacution publishes its findings on global option market maker and equity index option specialist, Amsterdam-based IMC BV and its affiliates, including – most notably – its US-based affiliate, IMC-Chicago, LLC (often known as IMC Financial Markets). Founded in 1989 by two floor traders on Amsterdam’s European Options Exchange, today IMC is one of only three Tier I proprietary trading firms with legacy in the 1980’s – along with legendary option trading houses, Philadelphia-based Susquehanna International Group, LLP and Amsterdam-based Optiver BV – and one of only eight “prop firms” globally with more than 1,000 employees. Beyond showcasing certain achievements, revenue, risk framework, and trading preferences of IMC, this case study – Alphacution’s 17th such report showcasing the world’s leading technology-enhanced trading firms – also provides context for the boom in zero days to expiry (0DTE) options and its impacts on a constellation of US option market makers… This and related case studies are available to premium and enterprise subscribers or via individual document purchase…
Simplex Trading: Speed Bump? What Speed Bump?!
Alphacution assembles new evidence related to option market maker, Simplex Trading
Market Terraforming: Zero-Day Options Alter Landscape
Alphacution showcases a subtle yet important impact of the explosive zero days to expiration (0DTE) phenomenon in US equity option markets...
Under 100 Milliseconds: G1X Enters The Arena…
Alphacution adds Susquehanna International Group (SIG) affiliate G1 Execution Services market center "ETMM" and 14 new charts to the ongoing comparison of execution speed/time that already includes Jane Street, Citadel Securities, and Virtu Financial. Again, with each step, this analysis yields new insights and increasing fascination...
Under 100 Milliseconds: Jane Street Enters The Picture
Alphacution adds Jane Street market center "JNST" and 18 new charts to the ongoing comparison of execution speed/time that already includes Citadel Securities and Virtu Financial. With each step, this analysis yields new insights and increasing fascination...
Under 100 Milliseconds: A Virtu Financial – Citadel Securities Comparison
Alphacution adds Virtu Financial to its initial analysis on Citadel Securities about execution time for orders where price improvement is provided.
Under 100 Milliseconds
Imagine what can be accomplished in under 100 milliseconds? All market makers know the answer to this question. It's just that those answers are rarely lying around in plain sight. Well, it turns out - based on some additional modeling Alphacution did on Citadel Securities - at least some of those answers are actually lying around in plain sight...
The Place Where XTX Markets Exceeds Tesla
A new report on AI provides new and useful context for the many "uniquenesses" of London-based proprietary trading firm, XTX Markets...
