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The Mother of All PFOF Charts – Q3 2022 Edition, Part II

Part II - Equity PFOF Volumes / Wholesaler Market Shares: Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...

By Paul Rowady | December 14, 2022 | For Subscribers

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The Mother of All PFOF Charts – Q3 2022 Edition, Part I

Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...

By Paul Rowady | December 7, 2022 | For Subscribers

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Wanted: A White Knight In Cryptoland

The dramatic implosion of FTX and Sam Bankman-Fried's crypto empire is a huge and very fast moving story - with new revelations, about the details leading up to SBF's collapse and the contagion risks embedded in crypto markets as a result of that collapse, surfacing by the hour. Here, Alphacution assimilates a sample of the most thoughtful commentary on the current crypto saga as backdrop for its list of proprietary trading firms who represent possible "white knights"...

By Paul Rowady | November 21, 2022 | For Subscribers

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Simplex Trading Stumbles?

The Wall Street Journal reports that Simplex Trading may have - temporarily or permanently, we don't know - stopped accepting retail option orders. Alphacution provides some context around Simplex's option wholesaling business...

By Paul Rowady | November 10, 2022 | For Subscribers

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Alphacution Press: WSJ on Simplex’s Potentially Abusive Option Strategy

Alphacution provides data and analysis for The Wall Street Journal's Alexander Osipovich article, "High-Speed Trader Simplex Warned About Potentially Abusive Options Strategy."

By Paul Rowady | November 4, 2022 | Press

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Errors and “Exits”: A Teachable Moment From UBS Securities

Based on new data, there's more to the story about UBS Securities and its position in equity wholesaling...

By Paul Rowady | November 3, 2022 | For Subscribers

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Alphacution Publishes “XTX [Invades] Markets” Case Study

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 | For Subscribers

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Spooning: Morgan Stanley and Robinhood on Retail Options

Turns out, UBS Securities may have some stiff competition for who can exit the wholesale market making business faster. Alphacution updates some modeling on Morgan Stanley & Co - and its strange bedfellow, Robinhood - on the eve of Q3 2022 PFOF reports...

By Paul Rowady | October 25, 2022 | For Subscribers

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Fork It! UBS Securities Exiting Retail Wholesaling

We've seen it coming for a long time. There were many clues along the way from which to anchor a prediction. Now, the evidence is too dramatic to ignore: UBS Securities is exiting the retail equity wholesale market making business. Alphacution rolls out its case, along with other key findings...

By Paul Rowady | October 15, 2022 | For Subscribers

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Launchpad: Hudson River Trading Enters Retail Wholesaling

In mid-2021, Hudson River Trading announced - via the WSJ - that it would be entering the retail equity wholesaling game in 2022. That day has arrived. This is what Alphacution has found so far...

By Paul Rowady | October 12, 2022 | For Subscribers

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