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Victor Haghani, Founder and CIO, Elm Partners

Alpha Exchange

CHAPTER

What Are Convergence Trades?

There is a certain classification of the trades that you and others were active in. You might call convergence trades, that at a date certain in the future, sat a and s at b, one of which are long, the other yor short, will converge in price. There are other trades, and i would put the equity of all trades in this category, that are a little bit more forecast trades. Most of the risks that we had on the books would be closer to a definition of convergence trades - but those horizons were super long termigan.

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