The Growth of the Derivative Exposure, Right?

There is three times the amount of short dated options that are being traded in to day's market than there were in 20 20. And what it leads to is the fact that a lot of dealers need to hedge their book, and any fashion where they are actually going out into the open market and pulling liquidity. It aids to thi reflexivity that transpires in the markets that kind of under prices the realityo tale events. When you think about how people look to act, right in moments of market stress, all acting in the same manner,. Then it creates these big cascading effects from this very massively lean, one sided position.