Rates hedges often perform exactly as designed and still fail.
A guide to structural failure modes, collateral risk, and deferred regime risk
Why Rates Hedges Don’t Behave
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Practitioner Papers
Turning Convexity into Cash
Most tail hedges work but still fail portfolios.
A guide to monetisation doctrine, trigger frameworks, and turning convexity into cash.
Monetising Derivative Hedges
Most institutional hedges work.
The gains just never get converted to cash.
A guide to building a monetisation doctrine that changes that.
Contingent FX Forwards in Cross-Border M&A
FX certainty in cross-border M&A without break risk.
How contingent FX forwards work, when to use them, and why trigger design determines success.
Convexity in Portfolios
Most institutions have hedges. Few have a convexity programme.
A practitioner’s guide to building, sizing, and governing one that actually works.
Volatility as an Asset
Volatility is a tradeable asset, not just a risk metric.
A framework for pricing, timing, and deploying vol in institutional portfolios.
Options as risk tools
Most institutions that use options understand the payoffs. They don’t understand what they’re actually trading.
This paper reframes options the way a trading desk does – as bundles of specific exposures, each with a cost.
If your hedge isn’t behaving the way you expected, this is why.
Quantitative Investment Strategies
QIS is sold as a strategy. It behaves as a structure.
A practitioner framework for institutional allocators on counterparty risk, cost drag and exit mechanics.
Want to go deeper?
Let’s explore how derivatives, structuring, and hedging choices are impacting your portfolio – and where drag is quietly creeping in.