Index Variance Option Trading Picks Up

Options on equity index variance, pioneered toward the end of last year, are now traded as frequently as once a fortnight, according to hedge fund managers.

  • 25 Feb 2005
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Options on equity index variance, pioneered toward the end of last year, are now traded as frequently as once a fortnight, according to hedge fund managers. The trades, initially executed by Bank of America and Citigroup (DW, 10/1), are now being offered by several other derivatives houses including SG Corporate & Investment Banking, Credit Suisse First Boston and Deutsche Bank.

One fund manager said the growth of the variance swaps market (DW, 5/2) indicates the potential appetite for options on variance. Michael Wexler, fund manager at Maple Leaf Capital in London, noted most variance swap players are speculators, so options on variance are appealing instruments to fund managers already familiar with equity variance as an underlying.

  • 25 Feb 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,521.83 80 6.93%
2 Barclays 20,382.90 37 6.89%
3 JPMorgan 18,760.94 72 6.34%
4 Goldman Sachs 17,444.96 41 5.89%
5 BNP Paribas 16,525.22 36 5.58%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 48,528.41 214 6.32%
2 Deutsche Bank 44,075.51 161 5.74%
3 BNP Paribas 41,452.79 240 5.40%
4 JPMorgan 37,278.65 134 4.85%
5 SG Corporate & Investment Banking 36,258.27 187 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 24.01%
2 Credit Suisse 1,301.65 4 19.45%
3 UBS 970.80 3 14.50%
4 BNP Paribas 522.35 4 7.80%
5 SG Corporate & Investment Banking 444.17 3 6.64%