Quarterly Bulletin Q3 - 2023

Financial markets are generally expected to be quieter during the summer months, providing just the right level of volatility for us to profitably manage our various arbitrage strategies. This period prepares us for the fall, when market volatility is at its highest, with all the risks that this entails.

The third quarter of 2023, however, proved to be the exception to the rule. Equity markets initially performed well in July, but just when many market participants might have been tempted to let their guard down, the markets turned around and logged a quick correction in the first three weeks of August. And September would prove to be even more volatile.