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atticus

Registered: Mar 2007
Posts: 12608

02-07-12 06:41 PM

Quote from riskreward:

Any hints on how he did it? I thought betonmarkets and retail exotics dealers marked up their products heavily.

Yeah, the edge loss was large, but essentially recovered in 24h on short gamma bets. He parlayed something like 30 bets straight. I know he went from 10k to nearly 800k the first year. Betting-limits were the limiting factor. He opened accounts in his friends names, but always funded those accounts and shared the proceeds. IOW, he would've made more if not for spreading the wealth.

BOM's bets are generally very close to bank indications and volbroker in FX. Maybe 120bp edge loss on index exotics (DNT at 54 with FV at 48). FX is much tighter.

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riskreward

Registered: Apr 2003
Posts: 118

02-07-12 06:48 PM

Quote from atticus:

Yeah, the edge loss was large, but essentially recovered in 24h on short gamma bets. He parlayed something like 30 bets straight. I know he went from 10k to nearly 800k the first year. Betting-limits were the limiting factor. He opened accounts in his friends names, but always funded those accounts and shared the proceeds. IOW, he would've made more if not for spreading the wealth.

BOM's bets are generally very close to bank indications and volbroker in FX. Maybe 120bp edge loss on index exotics (DNT at 54 with FV at 48). FX is much tighter.

Do you mean short gamma bets on the vanilla with an exotic hedge? Or the other way around?

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HATEtheRisk

Registered: Aug 2011
Posts: 1587

02-07-12 06:48 PM

Richard Dennis, about 200M $ in his mid thirties.

Try to top that..........

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HATEtheRisk

Registered: Aug 2011
Posts: 1587

02-07-12 06:50 PM

And of course my story one day, when i retire......

Work in progress.........

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atticus

Registered: Mar 2007
Posts: 12608

02-07-12 07:05 PM

Quote from riskreward:

Do you mean short gamma bets on the vanilla with an exotic hedge? Or the other way around?

No, outright short gamma bets in the exotics. Mainly double-no-touches and then he migrated to short lookbacks with bank dealers. IIRC he never hedged until he reached into the 10s of millions.

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gmst

Registered: Jul 2011
Posts: 3695

02-07-12 07:14 PM

Quote from atticus:

No, outright short gamma bets in the exotics. Mainly double-no-touches and then he migrated to short lookbacks with bank dealers. IIRC he never hedged until he reached into the 10s of millions.

what was the guy's background - education, experience ? Did he use to work at an exotic desk in a bank before ? Your average hedgefund trader or even an average CTA trader can't arb exotics.

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