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, as well as key comparisons and new context on the US-based strategies of . . .