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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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HRT Quietly Drops A Grenade With HAP “Acquisition”

Hudson River Trading's desire to expand into US equity options is now clear. In this Feed post, Alphacution details the quiet moves that HRT made over the past few weeks to mount an insurgence into options market making that it needs to be successful against difficult odds...

By Paul Rowady | December 21, 2025 | Premium Subscribers

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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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David E. Shaw’s Strategy Frame – Preliminary Case Study Chartstorm

This Feed post contains 14 exhibits from Alphacution's upcoming case study on legendary quantitative hedge fund manager, D. E. Shaw & Co., Inc. Based on new modeling capabilities from an enhanced and proprietary version of the 13F dataset, most of these chart formats have never been presented in any Alphacution output before...

By Paul Rowady | November 20, 2025 | Premium Subscribers

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Optiver’s Charm Offensive – Part II

As a continuation of Part I, this Part II represents a deeper dive into Alphacution's latest analysis of the US affiliate of legendary, Amsterdam-based derivatives trader, Optiver - including comparisons with the other legendary, Amsterdam-based derivatives trader, IMC Financial Markets...

By Paul Rowady | September 3, 2025 | Premium Subscribers

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