Durch Korrelation versenkt
Den Händlern für Aktienderivate präsentierten sich die globalen Märkte in den ersten Monaten dieses Jahres in düsterer Verfassung, denn die Korrelation und Volatilität stiegen steil an, während Einbrüche bei den Dividendenerwartungen die Bestände der exotischen Produkte dezimierten. Wie gehen die Händler damit um? Von Mark Pengelly
Die Einnahmen der Aktienderivathändler wurden in der ersten Jahreshälfte 2008 arg in Mitleidenschaft gezogen. Die durch exzessive Verluste bei US-Hypotheken schlechter Bonität bedingte Kreditkrise griff seit Jahresbeginn auf die wichtigen Aktienmärkte über. Die darauf folgenden Spitzen bei Volatilität und Korrelation verursachten in Verbindung mit einem Einbruch der Dividendenerwartungen ein Mark
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