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Call overwriting

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The collapse of Lehman Brothers, along with the acquisition of Merrill Lynch by Bank of America and the US Federal Reserve's rescue of American International Group, sent another wave of volatility crashing through the equity market last month.

The Chicago Board Options Exchange's (CBOE) Vix index, which measures the market's expectation of 30-day volatility on S&P 500 index option prices, leapt from 24.66% on September 12 to 36.22% on September 17. With risk-averse traders ditching shares across

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