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...
Alphacution Press: WSJ on Simplex’s Potentially Abusive Option Strategy
Alphacution provides data and analysis for The Wall Street Journal's Alexander Osipovich article, "High-Speed Trader Simplex Warned About Potentially Abusive Options Strategy."
Spooning: Morgan Stanley and Robinhood on Retail Options
Turns out, UBS Securities may have some stiff competition for who can exit the wholesale market making business faster. Alphacution updates some modeling on Morgan Stanley & Co - and its strange bedfellow, Robinhood - on the eve of Q3 2022 PFOF reports...
Jane Street Has Discovered The Pick of Destiny
Alphacution provides recent evidence for how Jane Street Group has advanced its position among a short list of leading global proprietary trading firms...
Parallax Volatility Advisors’ Book: Hiding in Plain Sight
Off the back of some recent modeling upgrades, Alphacution is finally able to share sample analysis of one of the largest customer accounts in the US equity option market: Parallax Volatility Advisors, LP...
Shifting Sands: Goldman Sachs’ Journey In US Equity Options
Based on new modeling capabilities, Alphacution builds upon its 2019 analysis of Goldman Sachs' involvement in US equity options to provide new context for the competitive dynamics of the entire US equity option market...
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...
