Case Studies

In this 33-exhibit case study deck, Alphacution presents its modeling output and select commentary for London-based systematic hedge fund manager, Quadrature Capital Ltd. The output presented in this study is based on the modeling template originally designed for Alphacution's case study on D. E. Shaw & Co, Inc. which is based on enhanced 13F data infrastructure developed with a stealth partner...

For the first time in its history, Alphacution is offering source data for download, similar to a case study download. However, this download is a spreadsheet containing a version of the Quant 100 list - assembled from Alphacution's proprietary version of the 13F dataset for Q1 2026 - that can be sorted, ranked and filtered by at least 70 basic factors, like average position value or breadth of securities universe for each member of the list, wherever applicable. Subscribers with...

In this 62-page, 43-exhibit case study that was inspired by the Securities and Exchange Board of India (SEBI), Alphacution assembles a tapestry of clues, anecdotes, data, and third-party research - on top of its own primary research library dedicated to market topology and macrostructure - to build upon SEBI's analysis and deliver our unique "wide lens" view of Jane Street Group's core trading strategy. Much bigger than one distinct trading strategy, this is a story with an evolving landscape, extraordinary...

In this 84-page, 103-exhibit case study - "D. E. Shaw & Co., Inc. - Strategy Frame" - Alphacution presents a new, next-level analysis on one of the most legendary quantitative hedge fund managers of them all: D. E. Shaw & Co. Based on a proprietary version of 13F data that has been jointly developed over years with a stealth-mode data partner, this case study leverages a data sample spanning 50 quarters, comprised of 305,789 positions, and based on 15,063 unique...

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...

In this 33-page, 32-exhibit case study, “Headlands Technologies: Return of the Pioneers," Alphacution details the 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 - before...

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 notional option position value, long option contracts, and average long option contracts per position (aggregated per underlying) - all of which, as of September 30,...

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,...

In this brief 6-page, 6-exhibit case study teaser, Alphacution presents its estimates for the overall market share of US listed equity derivatives volume represented by Susquehanna Securities, the affiliate of legendary options trading powerhouse, Susquehanna International Group (SIG), that's home to the group's US market making operation. This report is presented in the context of Alphacution's forthcoming case study on option market makers' share of US listed equity derivatives which will include Alphacution's market share estimates for Citadel Securities, Optiver...