Robinhood Q1 PFOF Report: Big Growth, Dramatic Shifts in Trading Behavior
Robinhood's Q1 2021 PFOF data was made public over the weekend. Here are a few highlights...
Alphacution Publishes Payment For Order Flow 2020, Part I: Rate Heatmaps
2020 will be remembered for many reasons. In the context of Alphacution’s ongoing research focus, we want to remember 2020 as the first full year of enhanced transparency into the mechanics and impacts of the long-held practice of payment for order flow (PFOF). In this 23-page, 20-exhibit deck, Alphacution presents PART I of its upcoming comprehensive case study, Payment For Order Flow 2020, with a focus on order routing rate heatmaps.
The Mother of All 2020 PFOF Charts
Assembling 4 quarterly reports comprised of 12 monthly sets of figures segmented by 3 securities categories and 4 order types across 12 retail brokerage entities and a subset of some 14 wholesale market makers - each number within which, by the way, painstakingly entered by hand - in order to slice and dice an entire annualized data set from any angle and still have everything add up exactly the same was both a pain in the ass and a labor of love...
We Have Doug Cifu’s Number, Too
A mini-case study on Virtu Financial, based on updated modeling through year-end 2020, cooked up special for fans of @dougielarge...
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...
Interview Tuesday: Alphacution Joins Options Insider Radio
Exploring the data that is lying around “hidden in plain sight” in the options market on this episode of Options Insider Radio with Paul Rowady from Alphacution Research Conservatory. Hosted by Mark Longo
Pulling Your Strings: How Retail Brokers Influence Trading Behavior (Or Not), By Design
Alphacution adds to its library of evidence that retail brokerage platforms specifically decide how, when, and if to influence the trading behavior of their clients...
Price Improvement: A Sacrificial Cost of the Trade
Alphacution provides numbers, pictures and rationale for "price improvement" - in the context of captive retail order flow - having an indelible function that is different than what you have been told by those who traffic in it...
Now You See Me: What The Bloomberg Opinion Guy Misses About Market Structure Mechanics
Leveraging numbers and narrative, Alphacution builds a higher-dimension analysis of market structure mechanics on top of Bloomberg Opinion's Matt Levine's recent manifesto on payment for order flow (PFOF). Disclaimer: No unsolicited elbows were thrown during the creation of this Feed post...
Got Hood-lash Yet? 2020 Order Routing Revenue – Part I
This is the fuel that ignites the chaos. Without it, the New Market Kamikazes run into the friction that keeps the rubber on the road...
