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Public.com Enters The Option Fray, With A Twist

Public.com - the emerging retail brokerage platform that actually appears to be trying to "democratize finance" rather than merely pay lip service to the concept - launched option trading functionality in Dec 2023 with a brokerage model that is unique relative to all other retail brokerages. Alphacution provides context and exposes some fascinating details...

By Paul Rowady | February 9, 2024 | Open

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Weekly Options Cannibalize PFOF

With latest data in hand, Alphacution shows that the zero-day option (0DTE) phenomenon has contributed to long-term declines in aggregate payment for order flow (PFOF) levels thereby causing a ripple of subtle and not-so-subtle impacts in the market ecosystem...

By Paul Rowady | February 1, 2024 | For Subscribers

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Protected: Nigel Tufnel’s Market (Private Link)

There is no excerpt because this is a protected post.

By Paul Rowady | January 31, 2024 | Private

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Morgan Stanley: Swimming Against The Tide

Returning to a provocative thread from late 2022, Alphacution updates some of Morgan Stanley's latest moves in wholesale market making...

By Paul Rowady | January 25, 2024 | For Subscribers

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The Transformation of GTS – Part II

On the 1-year anniversary of what would turn out to be Part I of this thread, Alphacution adds new details to the story of New York-based prop trading firm GTS Securities and its emerging adventures in option market making...

By Paul Rowady | January 12, 2024 | For Subscribers

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The Mania Market And The Emotional Money

For the longest time, the use of technology gradually removed excess costs and other inefficiencies from financial markets. This evolution wasn't just about speed, although that was a key element. And then advanced quantitative trading techniques, social media techniques, and mobile-first technologies converged. This is Alphacution's view on what's happened since and what that means for the road ahead...

By Paul Rowady | January 4, 2024 | For Subscribers

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Tower Research Capital: Seeking Option Traders?

In further preparation for its upcoming case study focused on option market makers, Alphacution identifies a seemingly insignificant shard of evidence that may represent Tower Research Capital's first foray into equity option trading...

By Paul Rowady | December 22, 2023 | For Subscribers

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Guest Post: 3 Volatility Market Predictions for 2024

Guest contributor and option trading specialist, Don Dale, offers a few of his top volatility predictions for 2024...

By 140dbllc | December 19, 2023 | Open

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Millennium, Two Sigma, D E Shaw: Big Quants, Big Options

Alphacution has been quite busy developing its next case study focused on option market makers. To build context for that research, we have been expanding our understanding of institutional option traders. It turns out that there is a familiar cast of characters in this space, including some of the most legendary quantitative hedge fund managers...

By Paul Rowady | December 13, 2023 | For Subscribers

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D E Shaw: Exposing Mid-Frequency Sector Bias

Alphacution continues to expose breakthroughs from the development of its proprietary version of the 13F dataset. Our example comes from pioneer statistical arbitrage group D. E. Shaw & Co., Inc... The full Feed post is available to Silver and Premium subscribers...

By Paul Rowady | November 20, 2023 | For Subscribers

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