The Transformation of GTS
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...
Wanted: A White Knight In Cryptoland
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"...
XTX Deploys Ghost Protocol in US Equity Markets
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...
Cutler Group Options: Where Small (Share) Is Big (Revenue)
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...
Susquehanna’s Share of US Equity Options
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 “The Proprietary Traders, Part I – Global Roster and Select Rankings”
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.
There’s Something About Akuna
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...
Market Share Analysis: Option Market Makers
Based on new and updated modeling for a group of option market makers - including Group One Trading, Wolverine Trading, and Cutler Group - Alphacution shares new perspective on market share...
Maven Securities Reaches Escape Velocity
This week, Alphacution turns its attention to a fascinating story in the making: London-based market maker and proprietary trading firm, Maven Securities Limited.
Alphacution Publishes “The Chicago Trading Company” Case Study
In this 71-page, 69-exhibit chart book, “The Chicago Trading Company,” Alphacution continues its focus on the explosion of activity in US option markets with a deep dive into another leading option trading firm, CTC, LLC. In this report, Alphacution leverages evolving modeling capabilities to explore its first example of a proprietary trading firm with core concentration in index options along with the peripheral suite of cash, futures and other option products used to capture volatility arbitrage opportunities. Furthermore, this research sets the stage to potentially identify (and rank) other large index option players with similar strategies where the regulatory data is not specifically disclosing exposures to index options. The complete chart book is available to premium subscribers or via individual document purchase.
