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...
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...
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...
Hockey stick! Prior to 2020, proprietary trading firm and market maker, GTS Securities, made a series of strategic acquisitions. Here's an overview of what's happened since...
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"...
Alphacution updates its ongoing analysis of emerging US equity market making powerhouse, XTX Markets, and provides a clue as to where it may be finding its edge...
Alphacution leverages rarely disclosed data - in this case, from option market maker, Cutler Group, LP - to estimate the revenue potential of an option market share point...
Alphacution's estimates of market share for open interest of US equity options improves our understanding of market share by US equity option trading volume for SIG and, perhaps more importantly, others...
Alphacution publishes latest case study, "The Proprietary Traders, Part I - Global Roster and Select Rankings." Find the Introduction section from the first part of this multi-part series here... The full case study is available to premium subscribers or via individual document purchase.
Alphacution's reconstruction of the available to data to detail option market player composition serves as catalyst for its first deep dive into Akuna Capital. Turns out, there's something different going on there...
