Citadel Securities, SIG: An Analysis of Single-Security vs Index Option Allocations
Alphacution compares the two largest players in US equity options - SIG affiliate, Susquehanna Securities and Citadel Securities - based on a 10-year period of allocations to single security options (SSOs) and equity index options, including indications of scale variance, key factor preferences, and strategy shifts...
More Fun With Robinhood: The Value of Accidental Data
By a quirk of accidental data, Alphacution dramatically sharpens its estimate of Robinhood's engagement with index options since May 2021; an update that has implications for our overall estimate of retail engagement in index options...
Susquehanna Securities and the Hidden Arbitrage Strategy – Part III
In this Part III, Alphacution concludes its multi-part analysis of Susquehanna Securities' so-called "arbitrage strategy" by sharing some revealing - if not, conclusive - comparisons...
Susquehanna Securities and the Hidden Arbitrage Strategy – Part II
In this Feed post, Alphacution updates an analysis of Susquehanna Securities - the primary risk-warehousing affiliate of legendary options powerhouse, Susquehanna International Group (SIG) and the place where the largest piece of SIG's global market making operation resides - originally published in Dec 2020. Now, more than 3 years later, Alphacution adds significant new color to that analysis - including 12 charts - and sets the stage for a much more nuanced understanding of the broader group of option market makers...
Ranking Top SPY Option Traders, Almost
Using SPY option positions to make a case, this Feed post is a status report - of sorts - for Alphacution's development of a model to estimate individual market maker's shares of US equity option volume. At least we have a (mostly completed) list of the candidates...
More 0DTE Insights: Thing 1 Doesn’t Always Change Thing 2
Alphacution publishes new charts comparing SPY options, SPX options, and SPX futures options to illustrate the blessing - and curse? - of the 0DTE phenomenon, reliance on retail investors, and market concentration risks...
Ken Overtakes Jeff (Updated)
Citadel Securities overtakes Susquehanna Securities for year-end 2023 by this metric. Problem is, there's an asterisk. This Feed post is excerpted from research for Alphacution's long awaited case study on option market makers...
Public.com Management Weighs In On Options Launch
Public.com senior management reached out to react to Alphacution's recent Feed post, "Public.com Enters Option Fray, With A Twist." Here are some highlights from what we learned...
Case Study: 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 US, LLC, and IMC Financial Markets, among many others...
IMC Overtakes SIG – Part II
With this update to the Feb 2023 Feed post, "IMC Overtakes SIG," Alphacution proposes that the battle between IMC Financial Markets and Susquehanna International Group (SIG) in US option wholesale market making represents more than meets the eye...
