Front-Running ‘Semi-Predictable Volatility Storms’

Front-Running ‘Semi-Predictable Volatility Storms’

Over the course of 2021, the notion that OpEx is associated with vol expansions and a wider distribution of outcomes in spot equities has become somewhat socialized. I still wouldn't call the dynamic "mainstream," but it's sufficiently embedded in the psychology of sophisticated market participants to manifest in front-running. I've mentioned on multiple occasions that the trade seems to be getting pulled forward. In an OpEx Friday note, Nomura's Charlie McElligott described just that, calling
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