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US Equity Market Macrostructure Evolution: The Template 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 7, 2025 | Premium
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Headlands Technologies: Return of the Pioneers

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...
By Paul Rowady | March 6, 2025 | Premium
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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 notional option position value, long option contracts, and average long option contracts per position (aggregated per underlying) - all of which, as of September 30,...
By Paul Rowady | December 23, 2024 | Premium
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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 | Premium
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Susquehanna Securities – US Listed Equity Derivatives Share, 2014-2023

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...
By Paul Rowady | February 29, 2024 | Premium
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The Transformation of Belvedere

In this 72-page, 75-exhibit, 17,400-word case study, "The Transformation of Belvedere," Alphacution publishes its findings on equity index option specialist, Chicago-based Belvedere Trading. Founded in 2002 with a current team of ~300 employees, Belvedere's story represents a unique addition to the Alphacution research library due to the significant strategy transformation it has undergone over the past few years while maintaining its strengths in SPX options. This case study also showcases certain achievements, trading revenue (sample), risk framework, and trading preferences,...
By Paul Rowady | September 30, 2023 | Premium
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IMC – International Marketmakers Combination

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...
By Paul Rowady | June 23, 2023 | Premium
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European ETP Spread Analysis For Systematic Internalisers

In this 34-page, 36-exhibit, 6,400-word Focus Note, "European ETP Spread Analysis For Systematic Internalisers," Alphacution publishes its findings from the core research objectives of this project: 1) credibly quantify the theoretical "gross" spread value for ETPs traded on LSEG, 2) credibly quantify the portion of this value for SIs, and 3) illuminate or elevate any other clues about the trading preferences of SIs. To our delight, this research produced an outline for a composite model of SI/wholesaler trading preferences -...
By Paul Rowady | February 6, 2023 | Premium
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XTX [Invades] Markets

In this 87-page, 83-exhibit, 22,700-word case study, "XTX [Invades] Markets," Alphacution publishes its findings - a truly incredible story - about the youngest proprietary trading company to cross the $1 billion revenue threshold in the modern markets era - and the founder, Alex Gerko, who has led that run. Based in London and breaking into the top 10 ranks of overall FX traders before its second birthday, conventional reporting states that XTX Markets Limited was spun out of quant hedge...
By Paul Rowady | October 30, 2022 | Premium
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The Proprietary Traders, Part I – Global Roster and Select Rankings

In this 19-page, 15-exhibit, 2,800-word case study, "The Proprietary Traders, Part I - Global Roster and Select Rankings," Alphacution publishes the first installment of its research series designed to explore the secretive yet influential community of nearly 100 proprietary trading firms spread across the world today, from traditional cash equities market makers to cryptocurrency market makers and liquidity providers. In Part I, Alphacution presents its global roster of proprietary trading firms - including rankings from select perspectives - set against...
By Paul Rowady | June 13, 2022 | Premium
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