Zero Day Options: A More Dangerous Setup

The financialization and the amount of leverage and access that we give as this market gets bigger and bigger does create whether it's zero TTE or something else, dramatic changes to market dynamics. The more leverage there is, you know, on the tails, yes, it creates worse outcomes. I don't want to make it out to be like this is dramatic sea change. It is derivatives are, they have embedded leverage that most entities don't fully appreciate in that even risk metrics across the market don't properly control. That's magnified when you go to parts of the distribution that are hard to hedge that sit on the edge. We've seen this again and again, we can point through

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