grr!

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@graykimbrough @ZackDavisson @Twonius What kind of jobs do you enter as 18yo.

Shift by 25-30yrs

[Gareth Harney @OptimoPrincipi]

1) A stranger than fiction Roman ring mystery thread: this enigmatic Roman gold ring was found in a ploughed field near Silchester in 1785. The square bezel has a portrait of the pagan goddess Venus, inscribed backwards SUNEV for use as a signet ring by the owner. Curiously...

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@barnejek @NUMISMATICS9 Normal assumption seems a weird model for tail events

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@naufalsanaullah Does the US publish any metrics like those? (% positive of total tests, indicator of endogeneity/exogeneity)

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@Alex_GuerreroR @sanderwagner Paris

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Narrator voice:

No. It isn't.

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@dynamicvol @selling_theta @arikreiss And yeah, of course there are many other things going on credit markets rates leverage etc yadda yadda disclaimers apply

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@dynamicvol @selling_theta @arikreiss We are cutting through the huge cluster of barriers of outstanding structured note hedges (pictures as delta at expiry, compute your own higher order greeks via mcmc as you like). These hedges expire as barriers are touched, voiding the outstanding convexity as they are knocked

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@bennpeifert As intro not too bad and accessible, Colin Bennett https://t.co/CEjzbwGenl

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@PolemicTMM @squirrel_blind Buy puts, sell calls

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@PolemicTMM RegSHO provides exception for market makers, similar rules elsewhere

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Today we have crossed barriers of structured products linked to STOXX50 and single names. (~30-35% below index value for contracts sold 1-3mths ago). Stuff linked to other indices+older contracts struck at lower reference values still ahead

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@MinvstrD @aaljechin @AnodyneCode Not a chance. One-sided market

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@MinvstrD @AnodyneCode @aaljechin Its real. This is Europe.

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wag the dog

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@jsoloff @bennpeifert @EnonymousAcc Notes age, outstanding convexity as Benn said above quite probably some continuum between zero DTE and 2-3yrs DTE; in addition one can assume some clustering of barriers, as some underlying indices were comparably flat in this period (price not TR).

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@bennpeifert @jsoloff @EnonymousAcc Asked differently, isn't the impact in normal times limited because Carr-style hedges strike convexity OTM until spot goes -25..30%? Quasi-static replication merely shifts delta-hedging risk to other market participants, but won't destroy risk?

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@bennpeifert @jsoloff @EnonymousAcc How do you build vega without creating delta hedging liabilities in the market?

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@sajidnizami @bennpeifert @jsoloff Guess Benn is more worried about the 65-70% knockout

[Emanuel Derman @emanuelderman.bsky @EmanuelDerman]

The Nudge/Behavioral Solution: Bring back Volcker. Raise rates 1000bp. Stifle all economic activity. Everyone stays home. No transmission.