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cover of episode This Is How Derivatives Trading Swallowed the Entire Market

This Is How Derivatives Trading Swallowed the Entire Market

2025/2/17
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Odd Lots
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People
B
Ben Eifert
J
Joe Weisenthal
通过播客和新闻工作，提供深入的经济分析和市场趋势解读。
T
Tracy Alloway
知名金融播客主播和分析师，专注于市场趋势和经济分析。
Topics
Tracy Alloway: 我注意到现在社交媒体上充斥着关于使用期权和衍生品进行短期交易的宣传，甚至有人声称可以通过简单的策略获得高额回报。这表明衍生品交易已经变得非常主流，不再仅仅是机构投资者的领域。现在，散户和机构都在积极参与期权市场，各种策略和产品层出不穷，为不同类型的交易者提供了参与的机会。但我也担心这种趋势可能会导致过度投机和风险承担。 Joe Weisenthal: 我也观察到期权市场的巨大变化。过去，期权主要被机构用作对冲工具，但现在，无论是散户还是机构，都在积极参与期权交易，这让我感到惊讶。特别是短期期权的交易量大幅增加，这表明市场参与者越来越关注短期收益。我担心这种短视行为可能会增加市场的波动性和不稳定性。 Ben Eifert: 我认为现在很多人都在通过社交媒体宣传期权交易，但他们往往夸大收益，淡化风险。他们会告诉你如何通过卖出短期期权轻松赚取被动收入，但他们不会告诉你这其中隐藏的风险。实际上，卖出期权并不是免费的午餐，它需要专业的知识和风险管理能力。如果你不了解期权的本质，盲目跟风，很可能会遭受巨大的损失。而且，现在机构也在大量使用期权，他们利用期权进行各种复杂的交易，这使得市场更加复杂和难以预测。

Deep Dive

Chapters
This chapter explores the mainstream adoption of derivatives trading, its growth among retail and institutional investors, and the role of social media influencers in promoting often unrealistic returns.
  • 60% of S&P 500 options volume is in short-dated options (0 DTE or 1 DTE).
  • Options trading has expanded beyond hedging instruments to include various strategies and products.
  • Social media influencers promote unrealistic returns from short-term options trading, often ignoring risks.
  • Strategies like selling short-dated options can yield small profits for a while, but significant losses can occur during market crashes.

Shownotes Transcript

For a long time, the world of derivatives trading was a niche thing, largely occupied by professional investors who used them for hedging purposes. During the pandemic and the Robinhood boom, the retail masses started discovering them, and activity exploded. Since then, the use of options, swaps and other levered positions has grown among both individual traders and the big professionals on Wall Street. There are countless influencers on social media promising "guaranteed" returns from various options selling strategies. New ETFs have been launched that embed derivatives inside them. And institutions, which might historically have employed simple, sleepy investments, are now making them part of their core mix. So how did this happen, and what effect is it having on the market? On this episode, we speak with Benn Eifert, partner at QVR Advisors, about the evolution of this world, why you should not get your trading advice from Instagram, and how this trend has reshaped the entire market.

Read more: World’s Largest Options Market Weathers Indian Regulatory Curbs)

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