Noel Smith
@NoelConvex
Institutional Investor, Market-Maker/Floor Trader 20+ years. Founder of Chicago Options Market-Making, Prop and HFT firms at the CBOE & CME | Board Member
Good story about what's going on at Convex (my firm) from @EQDerivatives, I'll post the link soon.
The (vol) song, remains the same...a low volume lullaby featuring SPX 1m realized of 7.7 and 10d of 6.1. And if you've not fallen asleep yet, 1m realized correlation on the SPX of 4% should help you get there. Above, a CBOE Index illustrating the performance of owning weekly…
Wow! Some serious premium in the front-month VIX future, almost 3 points over the $VIX. At face value bullish for the short-term inverse Vol ETPs (e.g., $SVIX, $SVXY).
$VIX bid-ish
Trump to visit Federal Reserve as he cranks up pressure on Powell to lower rates or resign cnbc.com/2025/07/24/tru…
What makes these products risky isn’t just the leverage. It’s the accessibility. Is this what they meant by ‘democratizing finance’?
good post 👇
Over the past decade, increased competition among market makers has led to tighter spreads and more efficient derivative markets overall. However, in recent periods of market stress, we’ve observed a growing trend: market makers pulling back from quotes during volatile moments,…
👀 $CRCL Sept call spreads $3.90 bid at $8.60; Golden age of Market Making
Trump backs off on Powell threats — for now - The Hill dlvr.it/TM4JzQ
Market Cracking; Quants Suffer Biggest Drawdown Since 2023 zerohedge.com/markets/top-go…
TRUMP: EUROPE TO JOIN TRADE TALKS STARTING TOMORROW. Here it comes
In non-Ozzy news, Japan trade something, spus are bid….Ozzy was a legend
