The brain gain
What are the key intellectual developments over the past 20 years that have driven the development of the derivatives and risk management industries? Duncan Wood asks some of the leading market practitioners and quants for their thoughts
The history of risk management can appear to have a smooth inevitability. One development kicks off another as though they were dominoes lined up for exactly that purpose. But it only seems that way in hindsight. At the time, there were arguments, wrong turns, blind alleys, failed ideas and surprise successes. Some ideas got off the ground because they were lucky. Others did so because of moments
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