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 market makers and the mechanics of market evolution...