Posts by Paul Rowady

About Paul Rowady

Paul Rowady is the Director of Research for Alphacution, a research and strategic advisory platform uniquely focused on modeling and benchmarking the impacts of technology on global financial markets and the businesses of trading and asset management. He is a 35-year veteran of the proprietary, quantitative and derivatives trading arenas.

Contact: feedback@alphacution.com

Everything All-The-Time US Equitized Market Structure

What are the impacts from delivering tokenized, round-the-clock, frictionless, and highly-gamified trading in a global universe of equitized products - including stocks, options, crypto, political and economic event contracts, sports bets, and a vast array of other exchange-traded products - through a single "killer app" on your mobile device? The world is about to find out... In this Feed post, Alphacution measures the significant changes in US equity market structure during 2025 as backdrop for significant changes ahead...
By Paul Rowady | January 19, 2026 | Premium Subscribers
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Jane Street: China ETF Distortions

The charts and media reports highlighted in this Feed post are all connected to a much bigger story about the source of Jane Street's extraordinary profitability of late. Alphacution is in the process of assembling a uniquely detailed version of that story - including how Jane Street is the most obvious proprietary trading firm to deploy artificial intelligence - but recent reports were worth highlighting ahead of that...
By Paul Rowady | January 19, 2026 | Premium Subscribers
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David E. Shaw’s Strategy Frame, Part II: Isolating S&P 500 Positions, 2013-2025

The are ~800 stocks that have comprised the S&P 500 index over the past 12 years - and ~900 stocks since March 4, 1957. Alphacution has developed a model of the timing of these changes to distill S&P 500 exposures from our case study subjects. The 12 exhibits included in this Feed post showcase the initial, never-seen-before, results of these efforts - and foreshadow the imminent release of our case study on the legendary quant manager, D. E. Shaw &...
By Paul Rowady | January 11, 2026 | Premium Subscribers
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The OJ Renick / OCA Reunion Interview

This invitation - to be back in the room where it all started and to be interviewed by the guy, O J Renick, who was the first to invite me in front of a live camera under the Alphacution banner - could not be passed up. What follows is about 18 minutes of discussion around excerpts of Alphacution's case study, "US Equity Market Macrostructure Evolution," roughly translated for a more retail-oriented audience.
By Paul Rowady | December 19, 2025 | Open
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The AI Trade and Implied Liquidity Preferences: A Macrostructure Perspective

The following has been excerpted and enhanced from Alphacution's case study, "US Equity Market Macrostructure Evolution: The Temple of Financial Fantasy." The implied liquidity preferences by a plurality - and possibly a majority - of institutional equity investors have taken control of the narrative known more commonly as the "AI trade." Today, a short list of proprietary trading firms are stepping up to facilitate their diversification (and exit) from this distributed concentration - at the expense of retail traders (and...
By Paul Rowady | December 11, 2025 | Premium Subscribers
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Raising the Gates: New Subscription Pricing, Status Report 2026

Alphacution has launched a new website in preparation for implementing a new subscription pricing strategy for 2026. As a key part of that, Basic and Silver subscriptions will be discontinued and incentivized to upgrade by year-end 2025. With a brief review of more than a decade of notable achievement as backdrop, this Open Feed post outlines Alphacution's development plans for the immediate future, including details about incentives for existing subscribers to upgrade to - and new subscribers to consider -...
By Paul Rowady | November 24, 2025 | Open
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