Europe’s next frontier is itself: what does that mean for long dated rates?

Federalism, or greater European integration, is not a new idea. What is new is the unambiguous advocating for Federalism by the man whose signature is on every euro. Mario Draghi’s Future of European Competitiveness report synthesizes a number of ideas that will take European funding, debt and derivative markets in a new direction.

Federal Flows offers a quantitative window into this new world. Capital, curves and counterparties are being driven by this F-factor  that is under-appreciated by conventional metrics.

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  • Chart (4)
  • Data (1)
  • Volatility (3)
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  • Defined Outcome (1)
Date
Name
Type
  • 09.15.25
    VIX1D deserves a closer look
    Chart
    Summary:
    Move aside FAANG, so long Mag7, a new acronym is in town to capture the craze of meme stocks: SUVU. Standing for Stock up, Vol up, this idea was first coined by Dean Curnutt of Macro Risk Advisors and it captures so much about today's markets.
    Topics:
    Volatility
    Options
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  • 09.08.25
    One acronym to rule them all: SUVU
    Chart
    Summary:
    Move aside FAANG, so long Mag7, a new acronym is in town to capture the craze of meme stocks: SUVU. Standing for Stock up, Vol up, this idea was first coined by Dean Curnutt of Macro Risk Advisors and it captures so much about today's markets.
    Topics:
    Volatility
    Options
    Read
  • 09.01.25
    Downside protection is hard to index
    Chart
    Summary:
    At the heart of the fight between AQR and Vest is an idea hedge funds have struggled with for years - how does a fund, intentionally seeking a unique strategy, fare when bunched together with a collection of other funds also intentionally seeking unique strategies?
    Topics:
    Volatility
    Options
    Read
  • 08.25.25
    Double-short leverage drives alpha, for now
    Chart
    Summary:
    A listing by Leverage Shares has raised consternation. Could a fund that shorts leveraged ETFs take advantage of levered drag? "No", says Victor Haghani of Elm Research. "Yes" says, errr, us.
    Topics:
    Leverage
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  • 08.18.25
    Buffer ETFs and their series
    Data
    Summary:
    Reuters recently published a piece suggesting there were 350 buffer funds and ETFs. While strictly true we investigate the claim drilling into SEC N-Port data to reveal the real number.
    Topics:
    Defined Outcome
    Options
    Read