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The Convexity Adjustment
The convexity adjustment is quantifiable in a few basic points if I'm not mistaken. Can you give some examples and to understand the actual size of it? And can you explain how impactful you think it is for price takers and for market makers? Yes, we have to obviously define price takers, but take the example that you have a couple of those swab-shons in your book and you plan to keep them. So do you want for one or two basic points of implied volatility to create or to develop one of those methodology that maybe you don't have CMS, so you don’t have that in your library? Just for those products that are known