John-Mark Piampiano, Founder and CIO, Engineered Portfolios


Manage episode 279649817 series 2516749
Player FM과 저희 커뮤니티의 Dean Curnutt 콘텐츠는 모두 원 저작자에게 속하며 Player FM이 아닌 작가가 저작권을 갖습니다. 오디오는 해당 서버에서 직접 스트리밍 됩니다. 구독 버튼을 눌러 Player FM에서 업데이트 현황을 확인하세요. 혹은 다른 팟캐스트 앱에서 URL을 불러오세요.

Over more than two decades in markets, John-Mark Piampiano has traded his share of volatility. Managing derivative portfolios over the years from both the long side and the short side of the carry ledger and across the spectrum of listed and OTC products, John-Mark is a keen observer of change in market structure, trading technology and the provision of liquidity. Our discussion considers the manner in which price discovery in equity option markets has evolved, now well represented on the screens through pricing engines that are entirely automated. In this context, we explore the implications of much tighter screen bid/offers for the buy-side and sell-side alike. Gone are the days where obvious pricing dislocations come about from concentrated option buying or selling activity in one name and one part of the vol surface. The result, a greater degree of market efficiency and increased importance on trading technology to find and implement trades that capitalize on smaller relative pricing discrepancies. We talk as well about running a tail risk program and the challenges that come from carrying protection during very quiet periods. Noting the increased tendency for market vol regimes to transition very quickly, John-Mark shares his thoughts on how investors should think about hedging, emphasizing the need to have an action plan to monetize premium expansion during a market sell-off. Please enjoy this episode of the Alpha Exchange, my conversation with John-Mark Piampiano.

68 에피소드