Absolutely extremely informative. I can freely say I did NOT completely wrap my mind around the series of potential trades illustrated in this article, however I think that's a testimony to its thoroughness. I would like to see a flow chart summarizing the different players and the potential arbitrages that drive their trade/hedge decisions. Although I realize this is a tall order. I should ADD that the simplified map is a great start and very helpful. Still thank you for this wonderful piece.
Your posts are always a fantastic lesson. Thanks DC for doing this! Learned a ton.
Made tons of notes, Thank you
Absolutely extremely informative. I can freely say I did NOT completely wrap my mind around the series of potential trades illustrated in this article, however I think that's a testimony to its thoroughness. I would like to see a flow chart summarizing the different players and the potential arbitrages that drive their trade/hedge decisions. Although I realize this is a tall order. I should ADD that the simplified map is a great start and very helpful. Still thank you for this wonderful piece.