Room for skew



Equity investors have long been able to tap directly into volatility, correlation and dividends. Most dealers offer markets in these so-called hidden assets, with variance swaps by far the most liquid, attracting attention from hedge funds, asset managers and pension funds. However, taking exposure to skew - often described as the Holy Grail of hidden assets - has proved more elusive. There would appear to be plenty of opportunities for those able to tap into skew: the curve has been consiste