RONIN Capital is no more

rallymode said:
Anyone has any details on what vix futures positions did them in? I've traded through all the vix spikes since inception and i have never seen so much panic and waves of what i can only assume were forced liquidations hitting all over the curve.

The 2 days around this past expiration were the most brutal. I could move a spread 50bps with a 50 lot. Must have been a real fuckery hedging all that short vega when the vix was set to expire at 80!! I would bet most models got annihilated.
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The irony is that the firm's founder - Stafford Jr., made his fortune trading the VIX. Legendary in fact. His son is/was running the company.
 
CME is where they went debit so it may have been the VIX that nailed them, but it sounds more like it may have been an ES hedge.
 
ironchef said:
I bet they didn't trade their own money. Us retails, if you take me to the cleaner, you won't see my face again. :(

Life is swell for professionals trading OPM.
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someone correct me if i'm wrong but i believe ronin was a prop firm trading their own funds. no outside money.
 
ZBZB said:
They went bust and the clearer stopped them trading.
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No, Ronin was a Direct Clearing Member. It was the Exchange pulling the plug on a Clearing Firm. So by Regulation the CME’s Depository Trust & Clearing House took over the Firm’s portfolio assets and liquidated them via auction. Quickly.
 
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bone said:
No, Ronin was a Direct Clearing Member. It was the Exchange pulling the plug on a Clearing Firm. So by Regulation the CME’s Depository Trust & Clearing House took over the Firm’s portfolio assets and liquidated them via auction. Quickly.
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So the CME lost money right? Someone must have assumed the losses
 
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