Understanding the volatility surface and who's driving it

In this World Cup edition of Top of the Swaps, Jack Roberts, fund manager and Ganchi Zhang, Quantitative Researcher, explain the volatility surface: what it is, who's driving it, and what it reveals about investor behaviour across the options market. From zero days to expiry options (0DTEs) to long-dated puts, they explore the structural forces shaping implied volatility today.

This episode was recorded 11 June 2026.

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