HeyJaredThe Trading Floor with David Axtell
Thirty-five years. Four continents. 120+ currencies. David Axtell bridges the gap between textbook theory and trading floor reality—real stories, real mistakes, hard-won lessons from institutional FX markets.
- Indexed episodes, last 90 days
- 19
- Latest publication
- Sep 30, 2026
- Audience
- Checking…
- Earliest in this view
- Jul 20, 2026
Latest episodes
Episode 10: Correlation and Basket Options (opens the original)
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Basket options combine several currencies into one payoff. Learn how correlation creates the apparent diversification benefit and why that benefit can disappear when markets become stressed. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 10 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
Episode 9: Asian Options and Average-Rate Hedging (opens the original)
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Asian options use an average exchange rate rather than a single fixing. This episode shows why average-rate structures fit recurring exposures and how averaging changes volatility and hedge behaviour. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 9 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
The Cross-Currency Basis: Why It Exists and Won't Go Away (opens the original)
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There's a number quoted daily on every major currency pair that, in theory, should be zero. It isn't, and hasn't been for nearly two decades. Episode five is the conceptual centre of the season: what the cross-currency basis measures, why covered interest parity broke in 2008 and never fully healed, and why it persists — balance-sheet costs and one-way hedging demand, not textbook mispricing. Host David Axtell proves with the book's own figures why a visible basis is not free money, and can turn
Episode 8: Barrier Options: Knock-Ins and Knock-Outs (opens the original)
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Knock-in and knock-out barriers can radically change cost and risk. Understand how barriers behave as spot approaches the trigger and why discontinuous exposures require active management. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 8 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
Episode 7: Digital Options and Binary Payoffs (opens the original)
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Digital options pay a fixed amount if a condition is met and nothing if it is not. This episode explains their discontinuous payoff, pricing behaviour and concentrated risk around the strike. This episode is part of FX Options Daily, a 30-day themed season of The Trading Floor covering pricing, hedging, exotics, risk and institutional FX options practice. Full treatment: Chapter 7 of FX Options. Educational content only. Nothing in this episode constitutes investment advice.
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