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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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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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Case Study: Susquehanna Securities – US Listed Equity Derivatives Share, 2014-2023

In this brief 6-page, 6-exhibit case study teaser, Alphacution presents its estimates for the overall market share of US listed equity derivatives volume represented by Susquehanna Securities, the affiliate of legendary options trading powerhouse, Susquehanna International Group (SIG), that’s home to the group’s US market making operation. This report is presented in the context of Alphacution’s forthcoming case study on option market makers’ share of US listed equity derivatives which will include Alphacution’s market share estimates for Citadel Securities, Optiver...
By Paul Rowady | February 29, 2024 | Open
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Public.com Enters The Option Fray, With A Twist

Public.com - the emerging retail brokerage platform that actually appears to be trying to "democratize finance" rather than merely pay lip service to the concept - launched option trading functionality in Dec 2023 with a brokerage model that is unique relative to all other retail brokerages. Alphacution provides context and exposes some fascinating details...
By Paul Rowady | February 9, 2024 | Open
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Deep Dive: European ETP Spread Analysis For Systematic Internalisers

In this 34-page, 36-exhibit, 6,400-word Focus Note, "European ETP Spread Analysis For Systematic Internalisers," Alphacution publishes its findings from the core research objectives of this project: 1) credibly quantify the theoretical "gross" spread value for ETPs traded on LSEG, 2) credibly quantify the portion of this value for SIs, and 3) illuminate or elevate any other clues about the trading preferences of SIs.
By Paul Rowady | February 5, 2023 | Open
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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!
By 140dbllc | January 26, 2023 | Open
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