Convertible arbitrage unwinds are creating hidden pressure on equity volatility dealers, distorting vol surfaces and tightening options liquidity in ways the VIX won’t show you.

Inflation swap breakevens are holding above CPI prints, signaling the market sees stickier inflation ahead than official data currently shows. Here is what is driving the gap.

Negative convexity in agency CMOs is quietly resurging as rate volatility keeps prepayment models in flux and hedging costs climb. Here’s what’s building beneath the surface.

Equity futures roll costs are quietly rising each quarter, compressing index arbitrage returns and weakening the price discovery that keeps futures anchored to fair value.

Preferred equity is quietly filling financing gaps in leveraged buyouts as senior lenders pull back. Here’s how the instrument works and where the risk builds.

Passive index rebalancing is creating structural liquidity distortions in small-cap markets, warping price discovery and leaving investors exposed at exactly the wrong moments.

New short selling disclosure rules are creating friction for options market makers whose hedging operations depend on exemptions that proposed transparency requirements don’t cleanly protect.

Covered call ETFs now hold enough assets that their systematic option writing is suppressing equity upside for the broader market. Here is how the mechanics work and who pays the cost.

Forward volatility agreements are absorbing growing desk capacity as structured product hedgers, annuity books, and macro funds pile in – while dealer-side supply stays thin and aggregate risk stays opaque.

Agency MBS spreads are widening as prepayment uncertainty grows, driven by rate lock-in effects, volatile optionality pricing, and reduced Fed balance sheet support.