Research
Corrections, in one place.
A published note is never changed silently. Each correction or update is dated at the foot of its note and listed here too, with dated changes to the site’s pages, newest first.
The log
-
The site added Google Analytics, so the page now names its cookies, what it measures and how to opt out, and the claim that the site sets no cookies was removed.
-
Since October 24, 2026, the Record page publishes one figure, trades executed, refreshed monthly with its date and method. Time in market and volume traded were retired from the page; N°004 keeps the figures it published, as of their date. Results, and the rest of the record, still go only to the people who ask.
-
The list of readers in this note now has four entries: a venue, for example for one of its programs; a bank or payment provider, where it said a bank or KYC reviewer; a counterparty; and a regulator, which was added. The record goes to each of them on request.
-
The link to the Record page used to read "Realized and open results, month by month, with open positions valued conservatively." It now reads "The record, available on request to venues, banks and payment providers, counterparties and regulators." Results are not published on the site; the full record goes out on request.
-
The pricing section now says fair value comes from proprietary algorithms built on the desk’s own research, quoted through a low-latency system. The points on ensemble forecasts and on scoring after settlement were removed.
-
The record and documents lines now say who can ask for them: venues, banks and payment providers, counterparties, and regulators.
-
The documents available on request are now listed, in the same words as the new Due diligence page, which the section links to.
-
A standard on what a reader can check was added: methods are published, data and code are not, and studies use only public venue data and what the Record page publishes.
-
The page now publishes one figure, trades executed, with its date; its LED board can be animated between monthly figures, and says so when it is. Time in market and volume traded were retired.
-
The page now says who the full record is available to on request: venues, for example for their programs, banks and payment providers, counterparties, and regulators. The list of readers grew from three to four.
-
Since this note was published, three activity figures from the record (time in market, trades executed and volume traded) are published monthly on the Record page, each with its date and method; N°004, The record, in practice, explains them. Results, and the rest of the record, still go only to the people who ask.
- Restatements of record figures
- None
Found something wrong? Write to contact@cipherg.io.