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ASANI SARKER: We now have a new forecasting tool! It is in the very title of Bob Schwartz’s next conference (laughter). The forecast clearly worked well for this year’s conference because, of course, it is cleverly titled ‘volatility’ –and volatility, as you all well know, is major financial news today. Volatility is significantly present in today’s challenging markets. So, if the title of next year’s...
We have just witnessed a most enlightening discussion on intra-day volatility. It shows that the topic of this year’s Financial Markets Conference has been aptly chosen. Volatility is a topic that very closely concerns not only traders, but also us as operators of regulated markets. We have all been given a reminder of this by some truly dramatic trading days in the course of this year. In the second...
To put this in context, when we talk about risk, we are talking about events that could happen with some probability in the future. As we all know, there is an abundance of risks in our future. Some risks we try to avoid, and others we just accept. Finance is, in reality, the study of which risks we take, and how much we expect to be compensated for taking them. This is the framework that is at the...
LARRY TABB: This next panel will take a practical approach to how volatility and market structure are coming home to roost for the institutional marketplace. Market volatility has been extreme lately. How is this affecting your clients? Let’s start with Joe.
This past Monday’s edition of The Wall Street Journal ran an article titled, ‘Volatility Requires New Strategies.’37 The article examined how traders at the mutual fund company, Lord Abbett & Co. in Jersey City, were coping with the challenges of today’s volatile markets. Here’s an excerpt:
HAROLD BRADLEY: Many matters of significance stem from modern structured finance. Today we will talk about a few of them, including issues that relate to careless regulation and trading strategies employed by hedge funds that nobody has really understood. Then there is this gate keeping of capital. That phenomenon occurs when people who are afraid they cannot get out are lined up at the exit gates,...
ROBERT SCHWARTZ: It is my great pleasure to welcome Larry Zicklin. As you know, Larry is, to put it mildly, a tremendous supporter of Baruch College; he is Chairman of the Baruch Fund and patron of the Zicklin School of Business which is named after him. Larry will introduce Sandy Frucher and Erin Burnett. Larry, thank you so much for joining us today.
For a simple reason, intra-day volatility is important not only to traders with very short holding periods, but to longer term investors as well: volatility in brief time intervals is a manifestation of the efficiency with which prices are set, and inefficient pricing can lead to unduly high execution costs for the short -run trader and the longer-run investor alike. While short period, intraday volatility...
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