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Bsmeter2, “If our physical reality is based only on mental perception, then any idea of what is behind that perception is a useless conjecture at this point”. IF physical reality it is based on perception derived from conjecture, then what is the status of speculation of the spiritual...

Newbunch, In current usage, laissez-faire generally means anything goes, a free-for-all. To add more precision to your definition, it means non-interference by anybody, including governments. Economic totalitarianism? No, state assisted capitalism. Compare this to the political...

Bsmeter2, It is these inevitable (in forums) "tangential(s)" which are more interesting than the original question. Speculation of God's vanity does not strike me as being particularly fruitful nor conducive to lively debate. You stick to the original question, I'll stay with the...

Newbunch, A bit difficult when the government is a major beneficiary /stake-holder. And why shouldn't a government provide clout to support domestic interests? Non-intervention? In which country would I find this? Grant.

Zeno, "the word of God is unknowable to us at this stage". Are you saying it could be revealed at some point? Doesn't this assume existence of the word of God? On what basis can the existence of this hitherto hidden "word" be justified? Bsmeter2, If an "intelligence" "created" the...

Thunderdog, That is a good quote. Perhaps I could add to this: the retort that someone is above reproach/criticism because they make a lot of money. Grant.

This isn't "maffia"; it's laissez-faire capitalism. The exploiters becoming the exploited; beaten at their own game by ex-communists. How unfair, how ironic. Grant.

Some index options – DAX, Stoxx, FTSE – which do not trade on the quarterly cycle have expiration dates which do not correspond to an underlying future/future expiration date. Quarterly options and futures are December options/December future, March options/March future, June...

Panzerman, I wonder if you would clarify a few points, please? When you refer to “normalise(d)” data, how does one generate relative strikes and iv’s? Could you provide an example? “Consistency in time” . Assume we are comparing 30, 60 and 90–day options. Would all...

Pekelo, My point is CN doesn’t have to sell or disclose either system but still derive the benefit. This is also possibly the safest option. Grant.

CN, Presumably, you’re looking for more money than your profitable futures system provides by selling an inferior (but profitable) system. If the futures makes 100% pa, and the fx makes 50% pa why should someone want the lesser? Why do you want to sell the inferior system? It may not be...

Profitaker, I've just realised you've also answered my queries on T2W. Well, well. Here is the link for the formula (bottom of page): http://www.risklatte.com/exotics/hotNotes/hotNotes017.php "the variance of the combined..." That's exactly how I saw it (cough). Grant.

Nonprophet, I started to give an explanation of how I transpose formulae into Excel. I pressed Back page and lost the text. So I'll forget it. The original calc is found at the foot of the page of http://www.risklatte.com/exotics/hotNotes/hotNotes017.php I can't reproduce the...

Nonprophet, Thank you for the correction. As anticipated, the problem seems due to insufficiently understanding Excels order of precedence. The change in the parentheses in the incorrect example was an attempt at isolating the various elements to force correct calculation. I assumed...

Re Excel file above. Will need to save to disc before opening. For some reason the files is named "1" without .xls suffix. Grant.

Has it worked this time? Yes. Grant.

Nonprophet, Please check the attached file containing both examples. If there is an error, I reckon its down to the idiosyncracies of how Excel determines priority and order of calculation. (Attaching Excel files has proved difficult. If it hasn't attached, I'll keep trying) Hasn't...

Profitaker, “quanty”? Come on, nothing ET can’t handle. Willmott so-far-up-your-own-arse forum? No, thanks. Nuclear Phynance is good (ex-Willmot refugees) with FDAXhunter, late of ET – always worth reading (and Aaron). Panzerman, Excellent info. Thank you. Grant.

Rosy, In the context of options, by forward volatility I mean the volatility between two points in time (dates or expiries) derived from the spot iv’s. The reason I ask can best be illustrated by a couple of examples (the formula is as constructed in Excel): T1 = 1(year) T2 =...

Two questions, if I may. Does forward volatility provide additional information over (plain vanilla) implieds or is it relevant only to exotics? Similarly, does a volatility surface provide any insight? On a very basic level I assume it fills in any gaps but being theoretical can it be...