Alphacution Press: FT on XTX Markets and SIG
Alphacution participates in two high profile articles - on XTX Markets and Susquehanna International Group - published by the Financial Times series "new titans of Wall Street" series...
Anatomy of a Zero-Sum Game
At the end of the day, how much risk is actually in US equity options? Alphacution distills and presents some never-seen-before numbers from an unprecedented era of this zero-sum game...
0DTE SWAG: Retail Share of Index Options
Alphacution found a few grains of new data and used them to estimate the retail share of US equity index volume...
IMC Overtakes SIG
Alphacution drops a few bars and a few charts framing IMC Financial Market's significant achievement in option wholesaling...
The Mother of All PFOF Charts – Q3 2022 Edition, Part II
Part II - Equity PFOF Volumes / Wholesaler Market Shares: Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...
The Mother of All PFOF Charts – Q3 2022 Edition, Part I
Alphacution organizes and distills 33 months of payment for order flow (PFOF) data from 14 retail brokers and 13 wholesale market makers to place a wide-angle frame around the US Securities and Exchange Commission's upcoming proposals for a major equities market structure overhaul...
Fork It! UBS Securities Exiting Retail Wholesaling
We've seen it coming for a long time. There were many clues along the way from which to anchor a prediction. Now, the evidence is too dramatic to ignore: UBS Securities is exiting the retail equity wholesale market making business. Alphacution rolls out its case, along with other key findings...
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...
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...
