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The Microstructure of the Market
The growth of derivative exposure over the last four or five years has led to this more reflexive market. And what we've noticed is this dynamic is occurring more to the upside than it has occurred to the downside. So in layman's terms, you're noticing more emphasized moves in shorter data time frames. If you can position yourself in these areas with these pockets of dislocation that are driven by these structural flows, you can have a good payoff when the event does occur.