Betting they'll be recapitalized, smaller and up and running by the April RW expiration. Assets will have been auctioned, but the faces will remain the same.
So the CME took a hit to its capital? They must have, whoever bought the assets at the auction probably didnt pay very much
I bet they didn't trade their own money. Us retails, if you take me to the cleaner, you won't see my face again. Life is swell for professionals trading OPM.
Anyone has any details on what vix futures positions did them in? I've traded through all the vix spikes since inception and i have never seen so much panic and waves of what i can only assume were forced liquidations hitting all over the curve. The 2 days around this past expiration were the most brutal. I could move a spread 50bps with a 50 lot. Must have been a real fuckery hedging all that short vega when the vix was set to expire at 80!! I would bet most models got annihilated.
Well, at least "the Third" got to spend $6M on a 1972 Porsche 917 Can-Am car at Mecum in 2012 before he blew up his daddy's company.