Global Volatility Summit New York

September 30, 2025 at Hall des Lumières

GVS NEW YORK 2025 Agenda

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The 16th Annual Global Volatility Summit New York took place on September 30th, 2025 at Hall des Lumières.
GVS remains dedicated to educating investors and providing thought leadership around the volatility and derivatives markets. The event included timely and thought-provoking manager and investor panels and discussions as well as opportunities to network with participating managers and peers.

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2025 Keynote SPEAKER - Tony Hawk

Tony Hawk got his first skateboard at age 9. Practicing at Oasis Skatepark, he quickly stood out. By 12, he was winning amateur contests; at 14, he turned pro; by 16, he was the best competitive skateboarder in the world. By 25, he’d won 73 of 103 pro contests and was vertical skating’s world champion 12 years in a row.

At 17, his income surpassed his teachers’, and he bought his first home before graduating. In 1991, skateboarding collapsed, and Hawk survived on $5 a day. Refusing to quit, he refinanced his house and co-founded Birdhouse Projects. After years of struggle, skateboarding surged back. Birdhouse became a top brand, and Hawk signed major endorsements. In 1998, he launched Hawk Clothing. In 1999, he partnered with Activision to create Tony Hawk’s Pro Skater, a billion-dollar video game franchise. That same year, he landed the first-ever 900 at the X Games, a moment that made national headlines and defined his legacy.

He retired from competition but toured globally with Boom Boom HuckJam. He’s won awards from Make-A-Wish, Teen Choice, and Nickelodeon, beating icons like Shaq and Tiger Woods. His brand spans video games, clothing, media, and toys. His autobiography was a bestseller, and his company 900 Films launched RIDE Channel with Google.

His foundation has funded over 660 skateparks, serving 17 million users annually. Tony Hawk remains the most recognized figure in action sports and a role model for fans of all ages.

2025 EVENT SPEAKERS

Will Bartlett
Parallax Volatility Advisers
Greg Bond
Man Numeric
Derek Brannon
Capula Investment Management
Paul Britton
Capstone Investment Advisors
Nina Chao
Societe Generale
Dr. Lester Coyle
III Capital Management
Guneet Dhingra
BNP Paribas
Peter van Dooijeweert
Capstone Investment Advisors
George Evans
Aksia 
Jens Foehrenbach
Graham Capital
Claire Follezou
Goldman Sachs
Alexis Maubourguet
ADAPT Investment Managers
Christopher Metli
Morgan Stanley
Giuseppe Nuti
UBS
Kathleen Oplinger
Bank of America
Sandy Poiré
CN Investment Division
Razvan Remsing
Aspect Capital
Joy Seth
PRIM
Nick Smith
Nasdaq
Dan Stone
Ionic Capital Management
Boaz Weinstein
Saba Capital Management

Managers and Sponsors

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WILL BARTLETT

Chief Executive Officer

PARALLAX VOLATILITY ADVISERS

William Bartlett is Parallax Volatility Advisers’ CEO. Will has been involved with equity options since 1995 and has been with Parallax since 1996. In his more than 25 years at Parallax, he has played an active role transforming the firm from a small, floor-based equity options trading operation into a large participant in the global volatility market. Prior to joining Parallax, Will worked on the floor of the Pacific Coast Exchange while earning his Bachelor’s degree in Economics at the University of California, Berkeley. Will proudly serves on the Board of Governors of Boys & Girls Clubs of San Francisco, the Board of Trustees of San Francisco University High School, and is a Senior Member of The Guardsmen, an organization helping at-risk youth by providing scholarships, support, and outdoor education programs to students in the San Francisco Bay Area.

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Greg Bond

Chief Executive Officer

Man Numeric

Gregory (‘Greg’) Bond is CEO of Man Numeric, Head of the Americas for Man Group, and lead portfolio manager for Man Group’s flagship multi-strategy fund. He also serves on the Man Group Executive Committee and the Man Numeric Investment Committee. Previously, Greg was director of research at Man Numeric, responsible for research initiatives, including the day-to-day management of Man Numeric’s strategic alpha research team. Before becoming director of research, he was a portfolio manager for various hedge fund strategies at Numeric as well as being co-head of its hedge fund group, having joined in 2003. Greg holds a Bachelor of Arts degree in economics and in biology from Yale University and a Master of Business Administration degree from Harvard Business School.

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Derek Brannon

Portfolio Manager

Capula Investment Management

Derek Brannon is a portfolio manager at Capula Investment US LP focused on U.S. equity volatility trading strategies. Derek joined the firm in August 2021 from Morgan Stanley, where he worked as an equity index volatility trader for over eight years. Prior to this, Derek has been an assistant vice president at Bank of America from July 2007 to June 2010. BA Economics, Statistics, Mathematics, University of Chicago, 2007 MBA Analytic Finance, University of Chicago Booth School of Business, 2012

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PAUL BRITTON

Founder and Chief Executive Officer

CAPSTONE INVESTMENT ADVISORS

Paul Britton is the Chief Executive Officer of Capstone, one of the leading firms in derivatives and complementary strategies, which he founded in 2004. Headquartered in New York with 11 offices globally, Paul formed Capstone to offer investors access to, and exploit the inefficiencies present in, complex derivatives markets, creating value for the firm’s clients, team, and industry over two decades of growth.

Paul’s philosophy of constant evolution and the firm’s store of unmatched talent are the twin pillars of Capstone’s success. The firm’s emphasis on enduring relationships with investors at all tiers, technology, analytics, and innovation, are priorities that Paul has developed and brought through to the present day. His career began in the pit with Saratoga Limited, where Paul traded options on the London International Financial Futures and Options Exchange (LIFFE) before co-founding Mako Global Derivatives
in 1999.

Paul currently serves on the Boards of the US Soccer Foundation, and The Tate America’s Foundation. Paul was named an Officer of the Order of the British Empire (OBE) for his dedication and notable philanthropic contributions to the Tate Americas Foundation.

Paul received a BA in European Business Finance from London Metropolitan University.

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Nina Chao

Managing Director, Equity Derivative Sales

Societe Generale

Nina Chao joined Societe Generale’s New York office in January 2025 where she is leading the US Equity Derivative Flow Sales Team. Nina’s focus has traditionally been covering credit, convert and securitized product hedge funds for Equity Derivative products.

Nina began her career at Citi in 2007, where she worked until 2023. For the first eight years, Nina spent time on the Convertible Bond & Distressed Credit Sales desks covering hedge fund and asset managers clients, before moving to the Cross Asset Sales Team in 2016. In 2019, she joined the Equity Derivatives Sales desk expanding her client base to include fundamental equity & securitized product funds. In 2023, Nina joined BNP Paribas’ Equity Derivative Sales team, where she led the multi-asset sales pod. Nina holds a Bachelor of Arts Degree in Economics from NYU.

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Dr. Lester Coyle

Principal and Chief Investment Officer

III Capital Management

Dr. Lester Coyle is a Principal and Chief Investment Officer, and he is also the portfolio manager for the III credit and asymmetric funds. Dr. Coyle joined III in February 2005 from Commerzbank where he was U.S. head of credit correlation trading. Prior to that, he worked at Bank One as a single name and correlation trader and as a credit model builder. He holds a PhD in Mathematics from the University of Michigan and a BA in Mathematics from Trinity College, Dublin. Dr. Coyle was also a Mathematics professor at Duke University and Loyola University.

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Guneet Dhingra

Managing Director, Head of US Rates Strategy

BNP Paribas

Guneet Dhingra is a Managing Director and Head of US Rates Strategy, working in Markets360 – BNPP’s market strategy and economics division.
His team covers US Treasuries, US swaps, inflation markets (TIPS), US money markets, and rates volatility – providing thought leadership and engagement with a wide array of BNPP’s clients. His team is responsible for trade ideas, and 10-year yield forecasts.
 
Guneet was the Head of US Rates Strategy team at Morgan Stanley prior to joining BNPP in 2024. With 16 years of experience in US Rates, Guneet has built a market-leading franchise – well regarded among clients for macro insights, particularly on US Rates and US inflation.
Guneet and his team consistently ranked in the top 3 teams in US Rates strategy in the Institutional Investor (II) survey among clients. Guneet was ranked the #1 analyst for US inflation (TIPS) for five consecutive years.
 
He holds a CFA charter and is a graduate from Indian Institute of Technology Delhi (IITD), India.

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Peter van Dooijeweert

Head of Strategic Investment Partnerships

Capstone Investment Advisors

Peter van Dooijeweert joined Capstone in December 2024 as Head of Strategic Investment Partnerships. Prior to Capstone, Peter spent six years at Man Group where he was Head of Defensive and Tactical Alpha working closely with Man’s largest clients to design customized actively managed investment portfolios and strategies. Prior to Man, Peter spent over 15 years as a volatility arbitrage portfolio manager at Paloma Investments Partners, Soros Fund Management and Tudor Investment Corporation. Peter has served on investment and portfolio risk committees at Man and Paloma bringing over 25 years of experience in derivatives and alternatives to capital allocation and firm wide portfolio management decisions. He began his career with Goldman Sachs in Equity Derivatives Trading in Tokyo and
New York.
Peter holds a Bachelor of Science (B.S.) in Accounting and Finance from Wake Forest University where he graduated Summa Cum Laude.

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George Evans

Managing Director

Aksia

George is a Managing Director on the Hedge Funds team and has over 16 years of experience in alternative investments. He is responsible for sourcing, conducting investment research, and evaluating managers across relative value strategies. George also works with global investors focused on hedge funds, directing strategic portfolio construction, management, and providing customized investment decisions.
 
Prior to joining Aksia in 2019, George was a Strategy Head focusing on global macro & trading strategies at UBP Asset Management where he was responsible for sourcing and due diligence across discretionary global macro, fixed income arbitrage and commodity strategies. Before that, George worked as a research analyst at Ermitage UK Ltd. where he focused mostly on long/short equity strategies in Europe.
 
George graduated from Bayes Business School, City, University of London with a BS in Banking and International Finance. He is a CFA charterholder.
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Jens Foehrenbach

President and Co-Chief Investment Officer

Graham Capital

Jens Foehrenbach, CFA, is the President and Co-Chief Investment Officer of Graham Capital Management, L.P. (“Graham”), an alternative investment manager with approximately $20B AUM as of May 1, 2025. Mr. Foehrenbach jointly oversees and supervises Graham’s discretionary and systematic portfolio manager teams, trading, and research, alongside Pablo Calderini, Vice Chairman and Co-Chief Investment Officer.  Mr. Foehrenbach is also a member of the firm’s Executive, Investment, and Risk committees. Prior to joining Graham, he worked at Man Group from September 2008 to February 2025, most recently as Head of Public Markets within Discretionary Investments at Man Group.  Mr. Foehrenbach has served in several capacities for the Man Group during his tenure at the firm, including Chief Investment Officer of Man Solutions and Chief Investment Officer of Man FRM.  Prior to joining Man Group, Mr. Foehrenbach worked at Harcourt Investment Consulting AG as Senior Analyst and Head of Relative Value. Prior to Harcourt Investment Consulting AG, he was employed by UBS AG, where he worked on the bank’s fixed income derivatives trading desk in Switzerland and London. Jens Foehrenbach received a Master’s degree in Business Economics from the University of Basel, Switzerland in 2001.

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Claire Follezou

Managing Director, Equity Derivatives

Goldman Sachs

Claire is a Managing Director in the Equity Derivatives structured sales team at Goldman Sachs where she particularly focuses on volatility RV, risk recycling and cross asset QIS. She joined Goldman Sachs in 2020 and prior to that was holding similar positions at Credit Suisse and Societe Generale.

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Alexis Maubourguet

Alexis Maubourguet

Founder and Chief Investment Officer

ADAPT Investment Managers

Alexis Maubourguet is the Founder and Chief Investment Officer of ADAPT Investment Managers. Before establishing ADAPT Investment Managers, Alexis joined Lombard Odier Investment Managers (LOIM) in Geneva in November 2019, where he created the ADAPT strategy. Previously, Alexis served as a Volatility Portfolio Manager at Argentière Capital in Zug for over three years, where he launched and managed the firm’s Relative Value Opportunities fund. Prior to Argentière, he was a Portfolio Manager on the Global Emerging Markets and Macro Fund at BTG Pactual in London. Alexis also brings a decade of experience trading derivatives on the sell-side, having held key roles at JPMorgan and Deutsche Bank in New York and London.

Alexis earned both a Bachelor’s and Master’s degree in Economics and Applied Mathematics from the École Polytechnique in Paris. He also holds a Master’s degree in Mathematics in Finance from New York University’s Courant Institute of Mathematical Sciences. Alexis is a CFA Charterholder.

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Christopher Metli

Managing Director

Morgan Stanley

Christopher Metli is a Managing Director of Morgan Stanley and heads the US Quantitative and Derivative Strategies team of the Institutional Equity Division. Chris focuses on market positioning, flows, crowded trades, the impact of systematic strategies, efficient use of options and volatility products, and general macro trends. He regularly comments on important market themes, and also conducts bespoke analysis for clients on derivative and quantitative topics. Chris joined the firm in 2004, starting in Equity Research before moving to the Institutional Equity Division in 2011. Prior to Morgan Stanley he worked at the Federal Reserve Bank of New York. Chris is a CFA Charterholder with a BA in Economics from Yale University, and currently resides in Boston with his wife and two children.

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Giuseppe Nuti

Head of Agency Quantitative Research

UBS

Giuseppe Nuti is the head of Machine Learning & AI for UBS’s Global Markets. The team is focused on a range of problems: from recommendation engines to optimal execution on behalf of UBS’s clients. The objective is to explore novel uses of ML in applications such as recommendations systems to match clients with specific UBS’s trading axes, anomaly detection for high-throughput, noisy systems, and optimal execution where venue micro-structure morphs order quality.
Prior to this role, Giuseppe was an algorithmic trader at UBS – New York – specialized in fixed income and foreign exchange. He has worked as a trader for over eighteen years, initially in the interest-rates options and swaps market and, since 2006, in the European and US Government bond markets. He has experience working both within the primary dealer community and in the high-frequency environment (at KCG and Citadel.) At UBS, he has run the U.S. Rates Trading desk within FRC, with particular focus on electronic market-making.
Giuseppe holds a Ph.D. in Computer Science with particular focus on Markov Decision Processes applied to finance from University College London and an MSc in financial mathematics from City University, London. He is an adjunct professor at Cornell where he teaches a course on ML applied to trading in FX, Rates & Crypto. Previously, he has taught various courses, including Financial Computing at UCL and has supervised a number of Ph.D. students – both at UCL and CASS Business School. His research interests are in algorithmic trading and Bayesian formulation of standard Machine Learning techniques.
Giuseppe currently lives in Larchmont (NY) where he spends most of his free time enjoying his young family and dog.

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Kathleen Oplinger

Director, Equity Derivatives Sales | Global Markets

Bank of America

Kathleen V Oplinger is a director in Equity Derivative Sales within Global Markets at Bank of America and is based in New York. She covers vol-focused, macro and long/short hedge funds for US equity derivative products including everything from vanilla options to exotic, hybrid and delta-one structures. Kathleen joined Bank of America in August 2016 as an analyst in Equity Derivatives and started her career at Société Générale via their apprenticeship program, working part-time on the equity trading floor in Paris while also studying for her master’s degree at Dauphine.

Kathleen was born and raised in Paris, France and attended Dauphine University where she received a bachelor’s degree in economics in 2013 and a master’s degree in financial engineering in 2015.

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Sandy Poiré

Senior Portfolio Manager, Absolute Return

CN Investment Division

Sandy Poiré is the Senior Portfolio Manager for the Absolute Return team at the CN Investment Division. In her current role, she is responsible for allocating to external managers for the hedge fund portfolio. Sandy joined the Division in 2011, initially working on the Divisions’ European, Asia-Pacific and Emerging Markets equity portfolios. Sandy graduated from the John Molson School of Business (Concordia University) with a Bachelor of Commerce degree and was the Valedictorian of her graduating class. She also received the Calvin Potter Fellowship from Concordia’s Kenneth Woods Portfolio Management Program. Sandy has been a CFA charterholder since 2014 and completed her Master’s in Business Administration at Queen’s University in 2017. Sandy is the president of the board of CFA Montreal. She is also an ally for FitSpirit, a Quebecbased organization dedicated to encourage teenage girls to stay physically active throughout their lives by creating unforgettable experiences for them.

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Razvan Remsing

Razvan Remsing

Director of Investment Solutions

Aspect Capital

Razvan joined Aspect Capital in July 2010 and is Director of Investment Solutions. Razvan is a member of Aspect’s Product Design Group and attends Investment Committee meetings. Razvan and his team are an integral part of the product development and research functions at Aspect and they provide quantitative expertise to Aspect’s clients on investment process and the development of new product ideas. Razvan’s primary responsibility is client engagement on matters relating to strategies, products, performance and research. Prior to Aspect, Razvan worked at Skybound Capital, Clear Horizon Capital, and PeregrineQuant (now Vunani Fund Managers) in various quantitative research roles. He graduated with distinctions in Mathematics, Applied Mathematics and Physics from Rhodes University. He holds a BSc (Hons) in Theoretical Physics from Wits University and was awarded an MSc in Financial Mathematics from the University of Cape Town and is a CFA Charter holder.

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Joy Seth

Senior Investment Officer

Massachusetts Pension Reserves Investment Management Board (PRIM)

Joy Seth, CFA, is a Senior Investment Officer at the Massachusetts Pension Reserves Investment Management Board (PRIM), where he serves on the Portfolio Completion Strategies team, covering Stable Value Hedge Fund managers and overseeing the Emerging Manager Program. With over a decade of experience in quantitative finance, he previously worked as a Senior Investment Analyst at the Employees Retirement System of Texas, developing machine learning models and options-based strategies. Before that, Joy was a Software Engineer at Microsoft. He holds an MS in Computational Finance and Risk Management from the University of Washington and a BSc in Electrical and Computer Engineering from The University of Texas at Austin.

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Nick Smith

Head of Index Options Sales

Nasdaq

Nick Smith leads Nasdaq-100 Index Options (NDX®) Sales at Nasdaq working with banks, funds, brokers, platforms and allocators to develop Nasdaq’s proprietary index options business.

Originally from the Yorkshire Dales in England, Nick graduated from Aston Business School in Birmingham, England with Economics first class honors. Nick was active Royal Navy Reservist for 7 years, deployed at sea to the English Channel, Bay of Biscay, Irish Sea, Baltic Sea and Gibraltar. Nick also led his college unit of 50 sailors through military rifle, seamanship, and navigation training.

Initially an analyst and latterly associate at Deutsche Boerse Group in London, Nick relocated to the USA in 2018 joining FIS (Sungard) before returning to Eurex (the derivatives exchange of Deutsche Boerse Group) as VP Sales. Now an American citizen and based in Miami FL, Nick enjoys boat days and plenty of golf.

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DAn STONE

Principal and Portfolio Manager

IONIC CAPITAL MANAGEMENT

Dan Stone is one of the co-founders of the Investment Advisor, where he focuses on managing the interest rates, currencies and credit strategies.  He has 29 years of experience managing relative value arbitrage and long volatility strategies across multiple asset classes. Mr. Stone was formerly a Managing Director and Portfolio Manager in the U.S. and European Volatility and Credit Arbitrage Group at Highbridge.  He joined Highbridge in 1996 where he managed convertible bonds and equity, interest rate and credit derivatives.  Mr. Stone earned an AB in Economics Magna cum Laude from Harvard College.

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Boaz Weinstein

Founder and Chief Investment Officer

Saba Capital Management

Boaz Weinstein is the Founder and Chief Investment Officer of Saba Capital Management, L.P. (“Saba”), a $5.9 billion hedge fund manager focused on credit relative value strategies, based in New York City.  Saba was founded in 2009 as a lift-out of the Deutsche Bank (“DB”) proprietary credit trading group. At Saba, Mr. Weinstein leads a team of 75 professionals. 

In 2021, Risk.net named Saba as Hedge Fund of the Year. Saba’s closed-end fund activism strategy also earned it recognition as the Activist Hedge Fund Manager of the Year by Institutional Investor in 2023 and 2024.

Previously, Mr. Weinstein worked at DB for eleven years, the last eight years as Managing Director (a title he achieved at age 27). Throughout his career, Mr. Weinstein had responsibility for proprietary trading and market making. In 2008, he became Co-Head of Global Credit Trading, overseeing 650 investment professionals.

Mr. Weinstein graduated from the University of Michigan, Ann Arbor, with a BA in Philosophy. He achieved the title of National Master in chess at age 16.

 

ADAPT Investment Managers (AIM)

ADAPT Investment Managers (AIM) is a Swiss-based investment manager led by a team of experienced derivatives specialists, each bringing decades of experience in trading, risk management, and operations. ADAPT IM aims to deliver alpha to institutional investors across market cycles, while maintaining low correlation to both traditional asset classes and other alternative strategies. Operating under an opportunistic mandate, the investment team deploys capital across a broad range of asset classes, strategies, and regions. ADAPT’s core strengths lie in identifying sources of convexity, trade structuring, and robust portfolio construction, enabling the team to capitalize on asymmetric opportunities and deliver differentiated returns.

www.adapt-im.ch

Aspect Capital

Aspect Capital is a London-based investment manager which applies a systematic and quantitative approach. Founded by industry pioneers Anthony Todd and Martin Lueck, Aspect has a 25+ year history of providing innovative products and diversifying performance to investors worldwide. Aspect combines scientific principles and leading-edge technology to create diversifying investment solutions, and strives to continuously improve every facet of the investment process and generate valuable returns for investors. Aspect was founded on a number of principles, some of which include rigorous ongoing research, collaboration, operational robustness, commercial awareness and transparency. For more information on Aspect Capital and its investment solutions, please visit: www.aspectcapital.com.

www.aspectcapital.com

Barclays

Barclays Investment Bank deploys financial solutions to help our clients with their funding, financing, strategic and risk management needs across sectors, markets and economies.

The Investment Bank is comprised of the Investment Banking, International Corporate Banking, Global Markets and Research businesses, aiding money managers, financial institutions, governments, supranational organisations and corporate clients around the globe. We offer a full spectrum of strategic advisory, financing and risk management solutions to help drive innovation and growth.

For over 330 years, our commitment to shared success has been at the heart of what we do, because we are all at our best when we all progress.

www.ib.barclays

BNP Paribas

Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

group.bnpparibas/en

Bank of America

Regarded as one of the world’s leading financial institutions, Bank of America serves individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. Our decade-long focus on Responsible Growth allows us to be a source of stability for our customers and clients during challenging times, to continue supporting the communities in which we work and live, and deliver more consistent results for our shareholders throughout a well-understood risk framework. Our focus on ESG leadership has provided us with unique opportunities to deepen client relationships and create shared success with communities in which we operate.

www.bofaml.com

CAPSTONE INVESTMENT ADVISORS

Capstone Investment Advisors, LLC (“Capstone”) is a global, alternative investment management firm operating across a broad range of derivatives-based strategies with a deep understanding of volatility.
With approximately $11.14 billion of AUM (as of August 1, 2025) and >300 employees (as of July 31, 2025), Capstone was established in 2007 and is headquartered in New York with offices London, Amsterdam, Los Angeles, Stamford, Boston, Hong Kong, Milan, Tokyo, Houston, and Maryland. Through strategic insight, market-leading expertise, and advanced technology, we seek to anticipate and harness the complexities of world markets, creating unique opportunities for our clients, team, and industry.

capstoneco.com

Capula

Capula is a global investment manager headquartered in London with affiliates in the U.S., Switzerland and Asia. Co-founded in 2005 by Yan Huo, managing partner and CIO, the firm and its affiliates manage absolute return, enhanced fixed income and macro strategies that aim to exhibit low correlation to traditional equity and fixed income markets, and crisis alpha strategies that aim to provide positive returns during times of significant market stress. Over many years, individual members of the core investment team have refined discretionary trading and risk management techniques and over the last 27 years have managed through all major market crises, including 1998, 2008 and 2020.

capulaglobal.com

Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s go-to derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future

www.cboe.com

CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

www.cmegroup.com

Deutsche Bank

Deutsche Bank was founded in 1870 to accompany German companies abroad. Today, it is the leading bank in Germany with a strong position in Europe, represented in 56 countries around the world and globally networked. In our Fixed Income and Currencies (FIC) division, we aim to be the trusted risk management partner for our clients on a global scale in terms of market access, liquidity provision, and financing solutions. We’ve combined an experienced institutional and corporate sales team with expertise in trading and structuring across various asset classes. This includes our Quantitative Investment Solutions (QIS) team, which has successfully executed solution-based transactions with institutional investors worldwide over the past decade. Across the FIC business, we continue to refine our client offerings and adapt to market changes, such as increased automation, regulatory updates, and the growing demand for standardized and transparent execution.

www.db.com

Eurex

As the leading European derivatives exchange and one of the leading clearing houses globally, Eurex provides you with innovative solutions to seamlessly manage risk – being architects of trusted markets characterized by liquidity, efficiency and integrity. 

Our vision is to be the globally trusted leading architect of trading, clearing and risk management services. Driving the industry with an extensive offer of innovative products. 

Our mission is to create better markets. 

www.eurex.com

Goldman Sachs

As the leading European derivatives exchange and one of the leading clearing houses globally, Eurex provides you with innovative solutions to seamlessly manage risk – being architects of trusted markets characterized by liquidity, efficiency and integrity.

Our vision is to be the globally trusted leading architect of trading, clearing and risk management services. Driving the industry with an extensive offer of innovative products.

Our mission is to create better markets.

www.goldmansachs.com

Graham Capital Management

Graham Capital Management, L.P. (“Graham”) is an alternative investment manager founded in 1994 by Kenneth G. Tropin. Specializing in discretionary and quantitative macro strategies, Graham is dedicated to delivering strong, uncorrelated returns across a wide range of market environments. As one of the industry’s longest-standing global macro and trend-following managers, Graham remains committed to innovation, evolving its strategies through a robust investment, technology, and operational infrastructure. Graham harnesses the synergies between its discretionary and quantitative trading businesses to offer a broad suite of complementary alpha strategies, each built on the principles of thoughtful portfolio construction, active risk management, and diversification by design. Graham invests significant proprietary capital alongside its clients – including global institutions, endowments, foundations, family offices, sovereign wealth funds, investment management advisors, and qualified individual investors – reinforcing alignment of interests across all strategies.

www.grahamcapital.com

Hong Kong Exchanges and Clearing Limited (HKEX)

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

www.hkexgroup.com

Ionic Capital Management

Ionic Capital Management® LLC (“Ionic”) is a $3.9 billion New York based alternative asset manager founded in 2006 by Bart Baum and Daniel Stone. Ionic manages multiple private investment vehicles employing different investment strategies including relative value arbitrage, long volatility, and value equity. In addition, Ionic acts as sub-advisor to multiple registered investment funds for which it employs relative value arbitrage and value equity investment strategies. Within the long volatility investment strategies, Ionic focuses on generating negatively correlated returns, with the potential to deliver outsized returns in volatile markets. Ionic utilizes both explicit and imbedded options across asset classes, including equities, interest rates, currencies, commodities and credit in order to construct a portfolio that is typically positive convexity and long volatility.

www.ioniccap.com

J.P. Morgan

J.P. Morgan is a leader in investment banking, commercial banking, financial transaction processing and asset management. We serve millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Through continued investments, business initiatives and philanthropic commitments, we aim to help our employees, customers, clients and communities grow and thrive.

jpmorgan.com

Man Group

Man is a global alternatives manager delivering distinctive, tech-enabled investment strategies across public and private markets. We pursue long-term value with relentless curiosity and optimized risk exposures — advancing systematic, discretionary, and solutions capabilities to meet the evolving needs of sophisticated clients.

With $168.6 billion under management and a presence across key global markets, Man brings together deep research, technological innovation, and specialized expertise to help clients achieve their most ambitious goals. Listed on the London Stock Exchange as a FTSE 250 company (EMG.LN), led by a commitment to performance, transparency, and partnership.

www.man.com

Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals.

www.morganstanley.com

Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. Included in this offering is Nasdaq’s index options business, consisting of Nasdaq-100® Index Options (NDX®) and Nasdaq-100® Micro Index Options (XND®). These European-style, cash-settled index options provide investors the ability to incorporate the innovative Nasdaq-100® Index into their hedging or risk mitigation strategies. To learn more about the Nasdaq index options offering, visit us at https://www.nasdaq.com/nasdaq-100-index-options

www.nasdaq.com

Parallax Volatility Advisers

Founded in 1996, Parallax Volatility Advisers is the San Francisco based investment adviser to Parallax Master Fund, L.P. Parallax Master Fund employs a global volatility relative value strategy that incorporates multiple volatility trading strategies being utilized opportunistically. The process identifies trading opportunities by options flow analysis that is supported by qualitative and quantitative evaluation and targets the most attractive risk-adjusted portfolio of volatility exposures in both listed and over-the-counter options on global equities, indexes, ETFs, and commodities. All of our volatility strategies align with our data-driven approach to capturing value through volatility and market dislocation by integrating robust quantitative models and embedded risk modeling with state-of-the-art technology.

www.parallaxfund.com

Saba Capital Management

Saba Capital Management, L.P. (“Saba”) is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns. Founded in 2009 by Boaz Weinstein, Saba is best known for having pioneered a number of credit relative value and capital structure trading strategies.

www.sabacapital.com

Societe Generale

Societe Generale is a top tier European Bank with more than 126,000 employees serving nearly 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our longlasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders. The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

  • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank;
  • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG;
  • International Retail, Mobility & Leasing Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

www.societegenerale.com

SpiderRock

SpiderRock is a technology provider that creates and deploys some of the most innovative algorithmic execution and risk management solutions commercially available to service large hedge funds, bank trading desks, proprietary trading firms and other institutional clients around the world.

The SpiderRock Platform is a high-performance, cloud-based trading system that empowers clients to source liquidity intelligently and at scale across equities, futures, and options. SpiderRock is also a market data vendor specializing in low-latency data services and normalized multicast feeds, including live Greeks, risk factor, and implied volatility data, along with corresponding historical snapshots.

In addition, SpiderRock offers electronic execution and market access services to multiple marketplaces via SpiderRock EXS, an agency broker dealer and FINRA member. SpiderRock EXS also powers our newly launched SpiderRock Connect ATS, which introduces Flash and Block auctions to match orders with institutional liquidity.

www.spiderrock.net

III Capital Management

III Capital Management (“III” pronounced “triple eye”), together with its affiliates, has been managing investor capital since 1982. Our mission is to work with sophisticated institutional investors and leverage our infrastructure to provide independent, asymmetric, customized investment solutions globally. We regard our clients as trusted partners and hold ourselves to high ethical standards. As of August 1, III manages over $5.2 billion across four primary strategies: fixed income relative value ($1.5B), convexity/tail ($1.5B), long only credit ($1.5B), and long/short credit ($680M). Our investor base is over 90% pensions and endowments with over 90% of assets in managed accounts or funds of one to provide customization and flexibility to clients. The firm is headquartered in Boca Raton, FL with approximately 100 employees; its principals have an average tenure of over 19 years with III.

www.iiicm.com

UBS

UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.1 trillion dollars of invested assets as per fourth quarter 2024. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

www.ubs.com

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Harold de Boer

Managing Director, Head of R&D

Transtrend

Harold is the architect of Transtrend’s Diversified Trend Program, responsible for R&D, portfolio management and trading. Harold was born and raised on a dairy farm in Drenthe. And from a young age, he has been intrigued by linking mathematics to the real world around us.

He graduated in 1990 with a Master’s degree in Applied Mathematics from the University of Twente in the Netherlands. In the final phase of his studies, while working on the project that would later become Transtrend, he became fascinated by the concept of leptokurtosis — or ‘fat tails’ — in probability distributions, a topic which has inspired him throughout his career.  

Harold’s approach to markets is best described as a combination of a farmer’s common sense and mathematics, never losing sight of the underlying fundamentals. 

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