Citadel Securities

The Evolving Value of Edge (Silver and Premium Subscribers)

What is the value of trading edge? Using "revenue per employee" as a comparative indicator, Alphacution dives deeper than ever before into Virtu Financial's market making business. The results cause a dramatic re-ranking of Virtu in a list of 10 market makers - plus a few other fascinating findings...

By |2023-11-12T23:16:47-05:00November 2nd, 2023|Silver / Premium|

Under 100 Milliseconds: G1X Enters The Arena…

Alphacution adds Susquehanna International Group (SIG) affiliate G1 Execution Services market center "ETMM" and 14 new charts to the ongoing comparison of execution speed/time that already includes Jane Street, Citadel Securities, and Virtu Financial. Again, with each step, this analysis yields new insights and increasing fascination...

By |2023-05-22T19:37:05-04:00May 22nd, 2023|For Subscribers|

Under 100 Milliseconds

Imagine what can be accomplished in under 100 milliseconds? All market makers know the answer to this question. It's just that those answers are rarely lying around in plain sight. Well, it turns out - based on some additional modeling Alphacution did on Citadel Securities - at least some of those answers are actually lying around in plain sight...

By |2023-04-27T09:24:36-04:00April 26th, 2023|For Subscribers|

Retail Equity Flow Acquisition Costs: Heart of the ‘Price Improvement’ Mechanism – Part IV (Conclusion)

In the conclusion to Parts I, II, and III of this series, Alphacution assembles its findings in terms of total retail equity order flow 'acquisition costs'; some insights into the wholesaler strategy behind why they pay these costs; and a simplified recommendation to the SEC...

By |2023-04-13T00:03:48-04:00April 12th, 2023|For Subscribers|