Entering calmer waters

Equity

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While volatility in Asian equities has eased off in recent weeks, effects of the sell-down in the second quarter continue to be felt in the derivatives industry. For one, the spike in implied volatility in May and June is believed to have caused several US-based and Japan-focused hedge funds to suffer big losses from variance and dispersion trades. Nonetheless, other hedge funds profited handsomely from the equity turbulence.

Restructuring activity in the structured products market has also p

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