Whenever markets behave in an irrational and unpredictable way, which is most of the time, the search is on to explain what force is working in the background.
We’ve had passive exchange-traded fund flows, high-frequency traders, short sellers, and repositioning pension funds. Now, we can add zero-day-to-expiry options that have taken off in the United States.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
