Accumulator activity boosted by increase in implied volatility

In an accumulator, the buyer of the product agrees to acquire a fixed number of shares on each trading day over the life of the product, which would typically be six months to a year, so long as a knock-out event does not occur – usually defined as the stock price closing at or above a specified barrier, for instance 105% of its initial level. Crucially, the buyer acquires the stock at a discount to the initial spot price, for example 95% of the spot. However, if the spot were to drop below 95%,

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