They are the cornerstones of the latest market structure phenomena, and therefore, have an extraordinary influence on the topology of the landscape, not only for the spaces they occupy but for the spaces they leave behind. It turns out that the legendary players to which the analyst has dedicated their initial focus and deeper analysis have been valuable for more than their ability to fascinate. We have come to call this market macrostructure research.
#HUDSON RIVER TRADING SERIES#
These works were developed in parallel with a steady cadence of much shorter research excerpts published on the analyst's feed, thereby exposing a much more diverse roster of notable players in total each of which - short or long, deep or cursory - serving like pieces in the evolving solution to a much larger and more complex puzzle.Īs if writing a script for a Netflix series whose ending remains perpetually uncertain, each act of puzzle-solving - published, yet-to-be-published, or merely serving as backdrop - has incrementally illuminated a much clearer picture of this ecosystem. Legendary firms like Citadel Securities, Susquehanna International Group (SIG), Two Sigma and Jane Street are among the analyst's published works a research library that is without peer. This led to the the analyst's first-ever case studies on some of the most attention-grabbing names in the business. Until now, the analyst has been intensely focused on shedding light on the broadest, most consequential trading firms in the global markets ecosystem. More than describing a theme that contributes to the disruption of the entire trading and asset management ecosystem, they are two milestones in the story that launches Hudson River Trading, LLC (HRT) into what the analyst estimates is a rarefied league of proprietary trading firms that exceeded $1 billion in revenue for 2020. What happens between these two points in time is no accident. Rewinding from there to a Reuters article dated Januentitled “Hudson River Trading to buy rival HFT firm Sun Trading”, HRT’s co-founder and director, Jason Carroll, said in a statement, “This acquisition combines HRT’s expertise in on-exchange trading with Sun’s expertise in off-exchange trading creating a stronger, more diverse firm.” Revenue estimation, among many other details.Īs if on cue, and apropos of the times, a tweet by Joe Gawronski, President of Rosenblatt Securities states that Decemmarked the first time ever that off-exchange trading represented the majority of US equity volume (50.38%).Comparative analysis with select competitors, and.US equity and equity option strategies.The history of Sun Trading and the impacts of its acquisition by Hudson River Trading (HRT) in Q1 2018, and explorations into the firm’s European trading operations.In this 91-page, 102-exhibit case study, “The Rise of Hudson River Trading”, the publisher adds another leading proprietary trading firm - and recent entrant to the $1 billion+ trading revenue club (2020e) - to its library focused on the most secretive and consequential players in the global markets ecosystem. Explorations into the Firm’s European Trading Operations, US Equity & Equity Option Strategies, Comparative Analysis with Select Competitors, Revenue Estimation
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