Everything You Thought You Knew About Spoofing is Wrong!

(Except that it is illegal. It is.)

The topic of spoofing, particularly in the futures markets, has come up again as of late. On January 29th, 2018, the CFTC has filed anti-spoofing enforcement actions…

Review of The Volatility Machine by Michael Pettis

by Ari Pine

Tri-Party Wut??: Introducing TPR (Tri-Party Repo) for Crypto

Crypto Prime Brokerage: Size and Urgency

By: Paul Sacks

Digital Gamma just spent an enjoyable and successful week in the Bay Area meeting with exchanges, investors and old friends. Of note was learning about the different methods applied when evaluating an early-stage…

Talking Our Book: The State of Cryptocurrency Trading Infrastructure

By Paul Sacks & Ari Pine

Frequently it is considered crass, especially outside of finance, to be promoting an idea that is self-serving. However, in the investing world, speaking well of…

Rehypothecation: The Financial World’s 15 letter, Four Letter word

De-Fi-Pri

“The Greatest Trick the Devil Ever Pulled Was Convincing the World He Didn’t Exist” — Roger Kint (or Keyser Soze??)

Reg AT → Reg NB (Not Bad): Determining the Shape of Reg AT

What volatility should we use?

We all know implied volatility is one of the key inputs into option pricing. It is simply an expected volatility of a stock…

Yogi Berra Understood Counterparty Credit Risk

“In theory, there is no difference between theory and…