Gregory Saey

Derivatives, volatility, family office.

Gregory Saey

I started in 2007 in FX, then rates derivatives, before trading options and volatility across every asset class. From subprime to Covid, I lived through the big crises from a desk. Today I head my own family office and run ARTE, where every strategy runs on our own money first.

Read my story Latest market notes
2007
My first day on a desk, as an FX market maker.
25+
Strategies in our family office, on house capital.

The VIX since 2007: every spike came back down

Weekly highs of the daily close, 2007 to 2026. Hover or tap a dot to see where I was.

The VIX since 2007 2008: Global Financial Crisis; 2011: US downgrade and euro-zone sovereign debt crisis; 2016: Brexit referendum; 2018: Volmageddon; 2020: Covid-19 crash; 2022: Russia's invasion of Ukraine; 2024: Yen carry-trade unwind; 2025: US tariff shock 20406080 2008201020122014201620182020202220242026 2008 2011 2016 2018 2020 2022 2024 2025
VIX VSTOXX, its European equivalent

Spot prices show where the market is. Option prices show what it pays to insure itself.

Only on this site

From the desk

12 shocks since 2008, side by side: the peak, the trigger, how long it took to calm down, and what I took from it.

See the twelve episodes

Letters

Long form.

Letter No. 1. Why I read the price of insurance first

The first letter: why this site exists, what I read before any headline, and what twenty years of market shocks have left in the way we run money.

Read the letter

My story in brief

Paris, London, Dubai: nearly twenty years of markets and companies.

  • London and Paris2007First desk at Travelex, FX market making.
  • Paris2010 – 2018SGAM, then Amundi: rates derivatives, then vanilla and exotic options.
  • London2018 – 2019Founding ARTE.
  • Dubaisince 2020The companies, ChainRaizer, the rebuild, then the refocus on markets.
Read my story