Volatility arbitrage's ranks are being swollen by managers fleeing from convertible bond arbitrage's horror run earlier in the year, but the strategy's flexibility is leaving opportunities open for new and old alike.
That said, there are still relatively few players in the volatility arbitrage universe. Fimat, the prime broker that says it specialises in volatility arbitrage, manages the strategy's only dedicated volatility arbitrage index in the market, Median. With only seven funds in that
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