Doing God’s Hedging

Doing God’s Hedging: Goldman Made $200 Million In One Day During Feb 5 “Volocaust” (Zerohedge)

Quote:

“The investment bank reaped a $200 million profit on Feb. 5, the day volatility exploded back to life in equity markets as the Dow registered its largest one-day point drop in history. The bank’s score can be attributed to long-vol positions that had recently been put on by the flow derivatives group, a group within Goldman’s equity desk responsible for trading VIX derivatives. The $200 million in profits is roughly equivalent to what Goldman’s derivatives desk takes home for the entire year. For all of 2017, the trading business for the entire bank exceeded $100 million in revenue on just four days.”

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h/t T2H

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