https://gregorysaey.com/Macro, read through derivatives and volatility.en https://gregorysaey.com/notes/vix-august-2024/https://gregorysaey.com/notes/vix-august-2024/Tue, 03 Nov 2026 00:00:00 GMTOn 5 August 2024 the VIX jumped to 65.7 before the US open, its largest intraday jump on record, while VIX futures stayed below 35. Here is why. https://gregorysaey.com/letters/why-i-read-the-price-of-insurance-first/https://gregorysaey.com/letters/why-i-read-the-price-of-insurance-first/Tue, 03 Nov 2026 00:00:00 GMTThe 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. https://gregorysaey.com/notes/vix-v2x-part-2/https://gregorysaey.com/notes/vix-v2x-part-2/Tue, 27 Oct 2026 00:00:00 GMTNeither volatility index trades, only their futures. Contract sizes, curve shapes, the euro leg and two settlements: the VIX–VSTOXX futures spread. https://gregorysaey.com/notes/vix-v2x-part-1/https://gregorysaey.com/notes/vix-v2x-part-1/Thu, 22 Oct 2026 00:00:00 GMTSince 1999 the VSTOXX has closed above the VIX on 81% of trading days. The gap blows out when Europe is the risk, flips when the US is, and runs on two clocks. https://gregorysaey.com/notes/sx7e-put-ratio/https://gregorysaey.com/notes/sx7e-put-ratio/Tue, 20 Oct 2026 00:00:00 GMTEuro Stoxx Banks halved in a month and deep OTM puts were priced for the end of the system. A 1×2 put ratio, its payoff, and where the real risk sat. https://gregorysaey.com/notes/brexit-2016/https://gregorysaey.com/notes/brexit-2016/Thu, 15 Oct 2026 00:00:00 GMTThe market priced Remain at about 90%. My equity derivatives book was set for Leave and flat on volatility. What the 2016 referendum taught me. https://gregorysaey.com/notes/four-numbers/https://gregorysaey.com/notes/four-numbers/Tue, 13 Oct 2026 00:00:00 GMTImplied versus realised volatility, skew, term structure and event pricing: what option prices say about risk, with one dated example each. https://gregorysaey.com/notes/march-2020/https://gregorysaey.com/notes/march-2020/Thu, 08 Oct 2026 00:00:00 GMTMid-March 2020, we struck our first NAV for outside investors as European volatility went above 80. What that month taught me about experience and risk. https://gregorysaey.com/notes/three-rules/https://gregorysaey.com/notes/three-rules/Tue, 06 Oct 2026 00:00:00 GMTIn the markets since 2007, ARTE since 2018, capital returned to investors in 2023. The three rules everything was rebuilt around: process, readability, team. https://gregorysaey.com/notes/how-arte-works/https://gregorysaey.com/notes/how-arte-works/Sun, 04 Oct 2026 00:00:00 GMTWhy every strategy at ARTE starts in our own family office, and how only a few reach external investors. Same strategy, same desk, side by side.