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Quadrature Capital: Strategy Frame

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...
By Paul Rowady | September 15, 2026 | Premium Subscribers
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Jane Street Removes Its Mask

Uniquely, Alphacution has been analyzing Jane Street's trading methods for years. That Jane Street became a central player in one of the biggest stories in US markets for 2026 to date is no surprise to us. Despite all that, this Feed post is part of an analysis of the group's most recent Q1 and Q2 2026 13F filings wherein we provide new details about Jane Street's core trading strategy and the increasingly clear role of an affiliate, Jane Street Global...
By Paul Rowady | August 28, 2026 | Premium Subscribers
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Jane Street Global Trading: All In On Artificial Intelligence

Apparently, in Jane Street's world, an historic $15 billion monthly loss in the context of a $40 billion year-to-date gain for 2026 is the new normal. Naturally, the directional risk of longer-term discretionary bets lowers Sharpe Ratios. No big deal. However, beyond the spin and gaslighting for the debt holders, Alphacution believes something else is going on here that's strange and unprecedented and further supports the thesis presented in our recent case study, "How Jane Street Generates Alpha." The analysis...
By Paul Rowady | August 18, 2026 | Premium Subscribers
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Has Citadel Securities Lost Its Crown?

Not since the early post-GFC era had the rankings of the top few proprietary market makers by option open interest changed. But, at the end of Q1 2026, it happened: Jane Street overtook Citadel Securities in a dramatic and decisive manner to capture the #2 spot behind perennially top ranked Susquehanna International Group (SIG). Was this event CitSec's loss? Jane Street's gain? Or, something attributable to market evolution? Alphacution uses this unusual scenario to explore specific strategies of the top...
By Paul Rowady | July 2, 2026 | Premium Subscribers
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The Quant 100 Rankings, Part II – Strategy Clues

With all the attention currently being paid to the most profitable quantitative trading shops, the one area where Alphacution has the most distinctive voice is around the core strategies of these players. Coupled with our contextual modeling approach and proprietary ecosystem framework, there is no other independent source of research on these players and their strategies quite like it. The recent publication of Alphacution's "Quant 100 Rankings" was intentionally included with little narrative. In this Feed post, we change that...
By Paul Rowady | July 1, 2026 | Premium Subscribers
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The Quant 100 Rankings, Part I

Based on its "Quant 100 List," Alphacution presents select rankings from an analysis of 70 basic US equity and equity option factors based on Q1 2026 data. Moreover, for the first time ever, Alphacution is providing a link to the source data for this analysis to enterprise subscribers with download rights...
By Paul Rowady | June 25, 2026 | Premium Subscribers
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Robinhood’s Monsters

In the footnotes of history, it needs to be known that Robinhood is responsible for one of the most profound and disruptive achievements in modern history that has given rise to unprecedented levels of personal wealth and influence. Robinhood's "frictionless" brokerage model has animated retail traders to the point of increasing influence over the US equity market and its role as the global economic sentiment engine. Capital markets stakeholders serve as accomplices to this achievement with their introductions of new...
By Paul Rowady | June 17, 2026 | Premium Subscribers
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Jane Street, Optiver: Leveling Up In Options

Along with record-breaking metrics in US equity options during Q1 2026, the top five proprietary option market makers' role in those metrics reached new highs as well. These include, alphabetically, Citadel Securities, IMC Financial Markets, Jane Street Group, Optiver Holding BV, and Susquehanna Securities. Moreover, the #2 rank in this influential group changed for the first time since the GFC. Alphacution brings the receipts; all of which providing subtle clues for the evolution of market topology...
By Paul Rowady | June 8, 2026 | Premium Subscribers
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