Options, futures, swaps, and the mathematics that price them. From basic mechanics through Greeks, pricing models, and risk management.
VaR is a quantile loss estimate, not a promise and not a worst-case number. Here is how to calculate it, backtest it, and report it without misleading anyone.
Position limit violations are accelerating as an enforcement priority—and the penalties are no longer symbolic. In FY 2024, the CFTC issued 3 position-limit-spe…
Treasury futures are the most actively traded derivatives contracts in the world—14.2 million interest rate futures contracts per day across CME products in 202…
On 31 January 2023, traders at 42 firms—ABN Amro, Intesa Sanpaolo, Macquarie among them—arrived at their desks to find that ransomware had bricked ION Cleared D…
An iron condor positioned ahead of the February 2018 VIX spike looked perfectly safe on a leg-by-leg review—delta flat, gamma manageable, theta pulling in +$50/…
Every year, corporations and banks route more than $7 trillion in notional through cross-currency swaps, exchanging principal and interest in one currency for p…
