Shape Shifter: US Retail Investor Behavior
Alphacution presents new perspectives on US retail investor behavior in equity options...
Virtu’s Option Market Making: The “Record Year” That Wasn’t
With the latest data in hand, Alphacution follows up on Virtu's claim of "another record year in options market making in 2022."
About Virtu’s “Record Year” in Options Market Making
Virtu's "record year in options market making" claim is not possible in terms by which real option market makers operate...
IMC Overtakes SIG
Alphacution drops a few bars and a few charts framing IMC Financial Market's significant achievement in option wholesaling...
Simplex Trading Disappears From Option Wholesaling
With the latest data in hand, Alphacution updates its analysis of troubled option wholesaler, Simplex Trading...
Guest Post: The VIX Is Not Broken
Guest Post: Derivatives specialist, Don Dale, offers a thoughtful case for why the CBOE Volatility Index (VIX) is not broken, despite punditry claims to the contrary. Two pearls of wisdom, up front: 1) Pundits like to complain; and, 2) Be careful what you wish for!
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...
Outlook 2023: That Giant Sucking Sound (Updated / Corrected)
There are two causes of the "giant sucking sound" that you hear - and need to pay attention to for the year ahead. The first is painfully obvious; the second should be (painfully obvious), but likely isn't. Alphacution makes its case...
Guest Post: Santa or Grinch? Impacts From The Next Big Option Trade
Guest Post: Derivatives specialist, Don Dale, joins the Feed to explain potential year-end market impacts caused by the mechanics of one of the most successful option overlay products in the market today; the $15 billion JP Morgan Hedged Equity Fund...
Simplex Trading Stumbles?
The Wall Street Journal reports that Simplex Trading may have - temporarily or permanently, we don't know - stopped accepting retail option orders. Alphacution provides some context around Simplex's option wholesaling business...
