market structure

Billions of Odd Lots: Heart of the “Price Improvement” Mechanism – Part III

In a continuation from Parts I and II of this series, Alphacution presents a 20-chart walk through the remaining steps it needed to estimate the net price improvement value of odd lot shares - and thus, the total NPIV for all retail order size categories related to wholesale equity market maker, Citadel Securities, over the period 2020 - 2022...

By |2023-03-29T23:46:51-04:00March 29th, 2023|For Subscribers|

Note to The Market Structure Club on Comparative Order Routing Rates

Following an impromptu gaggle of market structure nerds on the new social media app, Clubhouse, featuring Larry Tabb (Head of Market Structure Research, Bloomberg Intelligence) and Alex Gerko (CEO, XTX Markets), Alphacution offers a comparative ranking of 2020 retail order routing rates...

By |2021-05-14T22:56:19-04:00March 17th, 2021|For Subscribers|