Deconstructing Citadel: Why It Matters
As Alphacution puts the final touches on its forthcoming case study on the global trading powerhouse, Citadel LLC, we pause to ponder the mind-twisting question of whether certain market actors have arrived at the outer limits of the available securities trading inventory. And, if so, what that fact might mean for the strategic developments of the rest of us.
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VP, Business Development, North America (HKEX (U.S.) LLC)
6 年Really great piece here Paul. I wonder if there are strong correlations between any particular asset prices and the availability of tradable securities. I’m probably fishing, but you point out how the number of available tradable securities has been pretty flat since q3 2015...my initial reaction was to think that it was soon after that a lot of commodities put in their lows. That may be correlation, not causation. Still, this framework for considering the “smallness” of markets could be a good framework for understanding patterns in asset prices. Really well done, thanks.