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Global Volatility Summit Tokyo

May 17, 2023 Mandarin Oriental Tokyo

We are pleased to announce the 4th Annual Global Volatility Summit Tokyo will be taking place on May 17, 2023 at the Mandarin Oriental. GVS remains dedicated to educating investors and providing thought leadership around the volatility and derivatives markets. The event will include timely and thought-provoking manager and investor panels and discussions as well as opportunities to network with participating managers and peers. The GVS team is excited to be back in person this year, and we hope you will join us.
If interested in registering for this event, please reach out to [email protected]

2023 Global Volatility Summit

Save the date for May 17, 2023, in Tokyo, Japan

2023 Event Agenda

Coming Soon!

Managers and Sponsors

36 South Capital Advisors


Chief Executive Officer


Will Bartlett is the Chief Executive Officer of Parallax Volatility Advisers. Will has been involved with equity options since 1995 and has been with Parallax since 1996. In his more than 25 years at Parallax, Will 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. Parallax manages a complex portfolio of listed and over the counter volatility positions on global equities, indexes, ETFs, and commodity futures. Prior to joining the 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 Trustees for both The Hamlin School and San Francisco University High School, The Board of Governors for Boys & Girls Clubs of San Francisco, 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.

Deniz Cicek

Portfolio Manager

Axonic Capital

Deniz Cicek joined Axonic in 2017. He is the Lead Portfolio Manager of Axonic Systematic Arbitrage Fund responsible for portfolio management, research, and trading activities. Between 2010 and 2017, he was employed at Barclays Bank PLC where he started in Quantitative Analytics Department as a desk quant. In 2012 he moved internally to one of the propriety trading desks where he traded interest rate derivatives systematically. During his last year at Barclays, he was part of Quantitative Investment Strategies group building and trading systematic strategies and alternative beta indices for institutional clients. He holds a BS in Industrial Engineering with a Minor in Mathematics from Sabanci University in Istanbul and was in the PhD program in Decision, Risk & Operations Department at Columbia Business School.


Founder and Chief Executive Officer


Paul Britton is Capstone’s Founder and Chief Executive Officer. Paul focuses on setting the firm’s strategy, developing our culture, attracting key talent and overseeing the execution of investment and business functions. Paul began his career with Saratoga Limited, trading options on the London International Financial Futures and Options Exchange (LIFFE), and co-founded Mako Global Derivatives in 1999. In 2001, Paul moved to New York to establish and manage Mako’s U.S. operations, the buyout of which he led to form Capstone in 2004. Paul is immensely proud of the progress made by the team at Capstone over the years, and by the strong relationships we have been fortunate to build with our investors.

Paul currently serves on the Boards of the US Soccer Foundation, The Tate America’s Foundation and Friends Seminary School in New York City.

Paul received a B.A. degree in European Business Finance from London Metropolitan University.

Tobias Hekster


Co-Chief Investment Officer


Mr. Tobias Hekster, Co-Chief Investment Officer of True Partner Capital USA in Chicago, has been actively trading for the past 25 years in various different roles in several markets across the globe. Starting at IMC in 1998 as a pit trader in Amsterdam, Tobias has established the off-floor arbitrage desk, headed the Chicago office in the transition from floor trading to electronic trading and set up the Asian volatility arbitrage desk in Hong Kong. Tobias holds an MSc in Economics and has taught as an Adjunct Associate Professor at the Chinese University of Hong Kong and as an Adjunct Professor of Financial Practice at National Taiwan University.


Portfolio Manager

Crabel Capital Management

Grant Jaffarian is the Portfolio Manager of Crabel Advanced Trend and a member of the firm’s Executive Committee. Grant joined CCM in 2014 as part of its acquisition of AlphaTerra where he was the Founder and Chief Investment Officer. Prior to launching AlphaTerra in April 2013, Grant served as the Chief Investment Officer at Efficient Capital Management. He began his career at Belgium-based Analytic Investment Management, a high turnover futures manager acquired by Robeco Bank. From there, he went on to found Petra Intraday, a short-term systematic investment manager, before joining Efficient. Grant earned a bachelor’s degree from Wheaton College where he majored in English and holds an MBA with a concentration in economics from the University of Chicago. 

Stephane Martin

Stéphane Martin

Head of Derivative Institutional Sales


Stéphane Martin is Head of Derivative Institutional Sales for Optiver in the APAC region. The Institutional Trading team leverages Optiver’s market-leading position and understanding of regional equity volatility markets to provide work class risk facilitation and solutions to global institutional counterparties such as hedge funds, asset managers and structured product issuers. Stéphane joined Optiver in 2018 having previously been Head of Institutional Sales for Vantage Capital Markets, specialising in commodity and equity derivatives in Asia. Stéphane holds a First Class (Honours) Bachelor of Science in Management and Strategy and a Master of Science in Investment Analysis from Aston Business School. 

Ryan McRandal

Deputy Chief Investment Officer

One River Asset Management

Ryan McRandal is Deputy Chief Investment Officer at One River Asset Management. He is responsible for running the firm’s investment platform with Stephen Prajna (also Deputy CIO) and Eric Peters (CIO). Ryan manages the firm’s Volatility Relative Value strategy and co-manages the Dynamic Convexity strategy. Prior to One River, Ryan was Head of Thematic Portfolio Management at AXA Investment Managers in London where he focused on creating customized solutions and building thematic portfolios for institutional clients. Ryan also managed the AXA Alternative Tail Hedge Fund, an award-winning tail protection fund. Prior to this, Ryan was Head of Research at Unifortune, a multi-year award winning hedge fund boutique. In this role Ryan was responsible for overseeing research into both discretionary and systematic investment strategies. Prior to that role, he was a trader (Vice President) at Swiss Re Capital Markets and a trader on WestLB’s Cross Asset Arbitrage Desk, primarily trading interest rate, foreign exchange, and emerging market derivatives.

Tomohiro Ota

Senior Japanese economist

Goldman Sachs

Tomohiro Ota is a senior Japanese economist in the Macro Research team in Tokyo. He joined Goldman Sachs as a Vice President in December 2014. Prior to joining Goldman Sachs, Tomohiro spent seven years at the Bank of England where he was senior economist in the Financial Stability area. Tomohiro holds a BA from Keio University and a Master’s degree and PhD in Economics from Warwick University, England. Prior to completing his PhD, he worked for Goldman Sachs as an associate economist. 

Diego Parrilla

Diego Parrilla


36 South Capital

Diego Parrilla is Principal at 36 South Capital, a $2 billion hedge fund with a 21 year track record in long volatility and tail risk strategies headquartered in London. Diego has over 25 years of investment and senior management experience across macro and commodity markets at industry leaders JP Morgan, Goldman Sachs, Merrill Lynch, BlueCrest Capital, Dymon Asia, Old Mutual Global Investors, and Quadriga Asset Managers between in London, New York, Singapore, and Madrid.

Diego is the co-author of best-seller “The Energy World is Flat” (Wiley, 2014), “The Anti-Bubbles” (2017), and selective contributor to leading financial media Financial Times (including two FT Insight Columns), WSJ, Reuters, CNN, Bloomberg, Hedgeye, MacroVoices, Real Vision, The Felder Report, El Mundo, and publishes the monthly newsletter “The Anti-Bubble Report” (25k subscribers).

Diego holds a MSc in Mineral Economics from Colorado School of Mines (USA), MSc Petroleum Economics from French Institute of Petroleum in Paris (France), MS Mining Petroleum Engineering Polytechnic University of Madrid in 1997 and completed JP Morgan Markets Training Program in New York in 1998. Diego is married and a father of 3 children, passionate about sports (former competitive football and tennis player), foreign cultures and languages. He is fluent in Spanish, English, French and keen student of Italian and Mandarin Chinese.

Robert Printz

Principal and President

III Capital Management

Robert Printz is a principal and President of the firm, which he joined in 2000. From 1996 to 2000, Rob was with Barclays Capital as Managing Director of Capital Markets and at separate times Head of Generalist Sales, Derivatives Sales and Global Hedge Fund Sales. Prior to joining Barclays, in 1996 Rob worked at Merrill Lynch as a Director in derivatives sales, from 1993 to 1996 at JP Morgan Securities as MBS product manager and hedge fund salesperson, and from 1986 to 1993 at Mitsui Bank as a portfolio manager. Rob earned an M.B.A. in International Finance (1986) from New York University Stern School of Business and a B.S. in Management (1984) from the State University of New York at Binghamton.

Minbong Ryu

Head of Equity Sales & Execution Department

Societe Generale

Minbong Ryu is head of Equity Sales & Execution Department. Minbong joined Societe Genarale Securities Co., Ltd. in Dec 2021 as a Deputy head of Equity Division. Before his joining to SG group, Minbong worked 15 years in Citigroup Securities Inc. in Tokyo as general manager of Equity Cross Asset Derivatives Sales Department followed by head of Equity Derivatives Sales Department. Minbong has been responsible various products in Equity starting Cash Agency Execution to Derivatives in the past. Minbong completed master course at Kyoto University Graduate School Department of Urban Social Engineering in 2007 and he also served as 3rd Platoon Commander in 22nd Division Engineer Battalion in South Korea Army in 2001-2003.  

Bharat Sachanandani

Head of ESG, Solutions & Product Strategy

Societe Generale

Bharat Sachanandani is head of ESG, Solutions & Product Strategy for Societe Generale in Asia, based in Singapore. 

Operating across ESG, Quant Investing and Flow Derivatives, his team packages content & advisory with product, which is then delivered to clients via trade ideas, or as tailored bespoke solutions.  

Bharat has spent over 15 years working in Asian financial markets and has held roles on both the buyside and sellside and across asset classes.  

He holds a Masters in Chemical Engineering from Imperial College and a Masters in Public Affairs (Economic Policy) from Columbia University, and is a Chartered Financial Analyst (CFA) charter holder. 

Pavandeep Sethi

Founder and Chief Investment Officer


Pav Sethi is the Founder and Chief Investment Officer of Gladius Capital Management, an asset-management firm focusing on derivative strategies and products for institutional clients. Prior to founding Gladius, Mr. Sethi was a Managing Director at Citadel serving as the Global Head of the Volatility Arbitrage Group. He was previously a Portfolio Manager in the Volatility Arbitrage Strategy at J.D. Capital Management and began his career at Morgan Stanley in Europe as an equity derivatives trader.

Mr. Sethi has pioneered a number of novel derivative structures and engaged in multiple landmark transactions. His focus most recently has been on structuring large scale derivatives programs as tools for portfolio allocation and optimization for some of the largest pension and endowment plans in the United States. Previously, Mr. Sethi engaged in some of the earliest risk syndication programs during the early 2002 period and completed some of the first complex volatility based transactions between hedge funds and investment banks.

Pav holds a bachelor’s degree in chemistry from Cornell University and a master’s degree in mathematics from the University of Chicago.  He is a Fellow of the 2017 class of the Aspen Finance Leaders Fellowship and a member of the Aspen Global Leadership Network.


Principal and Portfolio Manager


Dan Stone is one of the co-founders of Ionic, where he focuses on managing the interest rates, currencies and credit strategies. He has over 27 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.

Duncan Valentine

Duncan Valentine

Head of Investor Relations & Client Solutions


Duncan Valentine is Capstone’s Head of Investor Relations and Client Solutions and leads the Client Solutions and Investor Relations teams. Duncan joined Capstone in 2008 after forming RV Capital LLP, a proprietary firm specializing in trading equity and fixed income options. He began his career working alongside CEO Paul Britton at Saratoga Limited. While there, he worked on the London International Financial Futures and Options Exchange (LIFFE) as an options market maker, eventually moving into trading equity and index options on the AEX floor in the Netherlands. Following the management buyout of Saratoga by Mako Global Derivatives, Duncan relocated back to London to oversee European trading and manage the STIR options desk. 

Duncan received an honors B.A. degree in Business and Economics from the Anglia Ruskin University in Cambridge. 

Masa Yanagisawa

Head of Prime Services in Japan

Goldman Sachs

Masa is head of Prime Services in Japan. He joined the firm as a vice president in 2019 and was named managing director in 2021. Before joining Goldman Sachs, Masa was co-head of Prime Services Asia Pacific Capital Introduction and Japanese equity sales at Deutsche Bank. Prior to that, he was head of Japan Capital Introduction at Merrill Lynch. Masa began his career in International Equity Sales at Merrill Lynch. Masa is an international board member of Human Rights Watch and serves on the board of Marriage for All Japan. Masa earned a BA in Public Policy from Keio University in 2000. 

36 South Capital Advisors

36 South Capital Advisors launched in 2001 and specialize in the creation and management of asymmetrical portfolios with an emphasis on crisis protection. We invest in generally long-dated bullish and bearish, pan-asset class options which have the potential to generate exponential returns in a crisis. All of our funds are long volatility and invest in a combination of convex and positively accruing options. The funds aim to be non-correlated to traditional assets in a crisis and seek to provide portfolio diversification, risk mitigation and liquidity in order to ultimately reduce risk and increase investors’ long term portfolio returns.

Axonic Capital

Axonic is an independent financial services firm, headquartered in New York City, offering asset management services across structured credit and commercial real estate (“CRE”) lending. We currently manage approximately $4.1 billion in assets and employ 57 professionals. Our business model is providing niche opportunistic investment solutions from an experienced team with expertise in creating unique advantages through sourcing and asset allocation.


Capstone is a leading investment manager for derivatives and manages a range of diversifying mandates including our flagship multi-strategy fund and a customized solutions business. With approximately $11.5 billion of assets under management as of January 1, 2024, and 284 employees as of December 31, 2023, Capstone was established in 2007 and is headquartered in New York with offices in London, Amsterdam, Stamford, Boston, Los Angeles, and Hong Kong. Through strategic insight, market-leading derivatives expertise, and advanced technology, we seek to anticipate and harness the complexities of world markets, creating unique opportunities for our clients, team and industry.


Crabel is a global alternative investment firm specializing in systematic, automated trading of worldwide futures and foreign exchange. Our Los Angeles based firm, founded by short-term trading pioneer Toby Crabel, manages $8 billion for its institutional clients and has delivered over 25 years of uncorrelated returns. The firm has developed a diverse array of trading strategies designed to systematically capture market anomalies implemented through a technologically advanced, low latency infrastructure. Global co-location facilities and proprietary execution algorithms allow the firm to efficiently trade in approximately 200 futures and foreign exchange markets.

Gladius Capital Management

Founded in 2009 and headquartered in Chicago, Gladius Capital Management LP is a leading provider of derivatives solutions and alternative funds for institutional clients. Our mission is to deliver the highest level of expertise and acumen to help our clients manage complex financial risks through the use of derivative instruments. As of December 31, 2020, Gladius has $2.5 billion in assets under management and is a certified minority-owned investment manager.

Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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. III manages approximately $4.8 billion across four primary strategies: fixed income relative value ($1.1B), convexity/tail ($1.4B), long only credit ($1.8B), and long/short credit ($508M). 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.


IMC is a leading global market maker founded in 1989, bringing more than 30 years of financial market experience to the trading world. We are independent and privately owned and not linked to any issuer, exchange or bank. IMC were among the first to recognise the role of technology in making markets more efficient. Today we employ state-of-the-art algorithms, statistical techniques, and innovative low latency technologies to connect to over 90 different trading venues worldwide. IMC is a truly global firm with offices in Sydney, Hong Kong, Seoul, Mumbai, Amsterdam, Zug, New York and Chicago. IMC’s core business is to provide liquidity in securities on trading venues, we leverage our presence in screen and broker market making to provide tight prices to market participants who trade with IMC directly.

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.

Japan Exchange Group (JPX)

Japan Exchange Group (JPX) is one of world`s leading exchange organizations and market operators. JPX comprises of five entities, namely TSE, OSE, TOCOM, JSCC, JPX Regulation and JPX Market Innovation & Research. Encompassing listing, trading, clearing, and regulation of multiple asset classes and business areas.

Osaka Exchange, as the largest equity index futures market in Asia-Pacific, offers best in class technology to investors across all time zones, constantly expanding the reach by offering a vivid night session which covers the US trading hours as well as the newly established holiday trading regime. Additionally, improvements will be made to the Nikkei 225 Volatility Index Futures, these enhancements will allow market participants to trade with more confidence and to further establish volatility as an asset class in Asia-Pacific and beyond.

OSE will further aim to expand its position as the pre-eminent derivatives market in Asia-Pacific by further expanding its product universe on May 29th, 2023.

  • Nikkei 225 micro Futures
  • Nikkei 225 mini Options
  • 3-Month TONA Futures
  • Thre innovative JPY denominated ESG index benchmark Futures (S&P/JPX 500 ESG Score Tilted Index Futures, FTSE JPX Net Zero Japan 500 Index Futures, Nikkei 225 Climate Change 1.5℃ Target Index Futures)
JPX strives to shape the industry by offering an extensive universe of products and services and continue to champion innovation and best practices across markets.

One River Asset Management

Launched in 2013, ORAM operates alternative strategies to deliver Risk Mitigation and Alpha to its global institutional client base, in funds and custom solutions. Managing +$2.1B of AUM across Volatility, Trend, Inflation and Digital (as of 2/1/22). A private partnership that is majority employee owned, with a diverse culture that emphasizes collaboration, transparency, and adaptivity. A unique combination of macro, fundamental and systematic capabilities to build alpha and risk mitigation solutions for client portfolios. Registered as an investment advisor with SEC, CPO with NFA/CFTC and QPAM. Launched digital asset manager subsidiary (ORDAM) in 2020.


Optiver is a global market maker founded in Amsterdam, with offices in London, Chicago, Austin, New York, Sydney, Shanghai, Hong Kong, Singapore, Taipei and Mumbai. Established in 1986, today we is a leading liquidity provider, with close to 2,000 employees in offices around the world, united in our commitment to improve the market through competitive pricing, execution and risk management.By providing liquidity on multiple exchanges across the world in various financial instruments we participate in the safeguarding of healthy and efficient markets. We provide liquidity to financial markets using our own capital, at our own risk, trading a wide range of products: listed derivatives, cash equities, ETFs, bonds and foreign currencies.

Parallax Volatility Advisers

Parallax Volatility Advisers, L.P. is the San Francisco based investment adviser to Parallax Master Fund, L.P. and Cega RV Master Fund, L.P. Parallax has four distinct investment strategies that 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.

Parallax Master Fund employs a global volatility relative value strategy that incorporates multiple 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. Parallax was founded in 1996 and has been negatively correlated to major market indexes.

Cega RV is a capital structure and convertible relative value fund that seeks to capture value through relative value trading within corporate capital structures. Cega RV seeks to generate returns by identifying pricing dislocations across an issuer’s capital structure (equity, debt, and relative derivatives) via this long volatility, long convexity strategy.

Corvus Delta is a global, diversified, systematic strategy that is uncorrelated to traditional investment benchmarks and is committed to trend and counter-trend following. Corvus Delta strives to profit from the mispricing of global assets resulting from large, dominant flows in liquid markets via its data-driven approach to trading.

Parallax Eclipse Digital is a Digital Asset strategy that seeks to capture value in the Digital Asset space through Relative Value Volatility Arbitrage in both listed and OTC options across multiple cryptocurrencies and crypto-related equities. The strategy captures value by monitoring options markets across multiple exchanges and executing trades when prices diverge relative to our proprietary models.

Société Générale

Société Générale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy. Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Société Générale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

1. French Retail Banking, which encompasses the Société Générale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;

2. International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets;

3. Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.

Société Générale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.

For more information, you can follow us on twitter @societegenerale


True Partner Capital is a global asset management firm founded in 2010 and with offices in Asia, the US and Europe. We have over $1.7 billion in assets under management and serve a diverse range of clients globally. The Firm has a focus on volatility trading in liquid markets, particularly equities. The key principals of the Firm were previously options market makers, and the Firm combines trading and technology expertise built up over many years of software development and active trading in derivative markets. We seek to develop long-term partnerships with our clients and to provide them with superior risk-adjusted investment returns and client service through fund products and separate mandates.


UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.   UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

Harold de Boer

Managing Director, Head of R&D


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.