[
  {
    "source": "substack",
    "slug": "isda-warns-jscc-merger-could-force",
    "title": "ISDA Warns JSCC Merger Could Force a 95% Bond Fund to Cover Commodity Defaults",
    "subtitle": "A pro rata draw across all six qualifications, a fund already over 95% financial futures, and the overlap number JSCC hasn't published",
    "post_date": "2026-09-15T13:32:32.741Z",
    "url": "https://navnoorbawa.substack.com/p/isda-warns-jscc-merger-could-force",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "jsccs-default-95-169586293",
    "title": "JSCC's Default Fund Merger: The 95% Bond Pool ISDA Is Warning About",
    "subtitle": "",
    "post_date": "2026-09-15",
    "url": "https://www.patreon.com/NavnoorBawa/posts/jsccs-default-95-169586293",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "citadel-and-schonfeld-are-betting",
    "title": "Citadel and Schonfeld Are Betting the Euribor-€STR Spread Widens Before Year End",
    "subtitle": "A regulatory balance-sheet effect at calendar year end, not reserve scarcity, is the case the ECB's own economists never made",
    "post_date": "2026-09-14T17:17:57.718Z",
    "url": "https://navnoorbawa.substack.com/p/citadel-and-schonfeld-are-betting",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "aqr-bet-billions-that-value-would-pay-off-medallion-never-made-the-bet-33bd1c404013",
    "title": "AQR Bet Billions That Value Would Pay Off. Medallion Never Made the Bet.",
    "subtitle": "My own numbers from Kenneth French’s data: the value factor has lost money, net, since 2010. AQR staked a firm on it anyway.\n\nContinue reading on Medium »",
    "post_date": "2026-09-14T15:03:03Z",
    "url": "https://medium.com/@navnoorbawa/aqr-bet-billions-that-value-would-pay-off-medallion-never-made-the-bet-33bd1c404013",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "citadels-euribor-169502154",
    "title": "Citadel's Euribor-€STR Spread: The Trade Ticket Behind a 16.5bp December Bet",
    "subtitle": "",
    "post_date": "2026-09-14",
    "url": "https://www.patreon.com/NavnoorBawa/posts/citadels-euribor-169502154",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "morgan-stanley-invented-pairs-trading-in-1987-d-e-shaw-and-ed-thorp-proved-it-wasnt-the-point-6cf9dbe92562",
    "title": "Morgan Stanley Invented Pairs Trading in 1987. D.E. Shaw and Ed Thorp Proved It Wasn’t the Point.",
    "subtitle": "A 2006 paper found the edge fell 67 to 42 basis points a month. A 2024 Yale rerun found it hadn’t gone to zero.\n\nContinue reading on Medium »",
    "post_date": "2026-09-13T06:48:54Z",
    "url": "https://medium.com/@navnoorbawa/morgan-stanley-invented-pairs-trading-in-1987-d-e-shaw-and-ed-thorp-proved-it-wasnt-the-point-6cf9dbe92562",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "goldmans-quant-fund-needed-a-3b-rescue-in-2007-d-e-shaw-s-didn-t-need-one-4d0a9e944768",
    "title": "Goldman’s Quant Fund Needed a $3B Rescue in 2007. D.E. Shaw’s Didn’t Need One.",
    "subtitle": "Morgan Stanley’s PDT lost $390M in a day and its CEO overruled the model. Leverage explains the shock; authority explains the rest.\n\nContinue reading on Medium »",
    "post_date": "2026-09-12T05:40:24Z",
    "url": "https://medium.com/@navnoorbawa/goldmans-quant-fund-needed-a-3b-rescue-in-2007-d-e-shaw-s-didn-t-need-one-4d0a9e944768",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "jpmorgan-citi-bofa-and-goldman-hold",
    "title": "JPMorgan, Citi, BofA and Goldman Hold 79% of a $296 Trillion Derivatives Book. A Year Ago It Was 87%.",
    "subtitle": "The OCC's own numbers say the club widened this quarter, and a bank's derivatives revenue mix just swung harder than at any point since the report existed.",
    "post_date": "2026-09-10T13:31:35.565Z",
    "url": "https://navnoorbawa.substack.com/p/jpmorgan-citi-bofa-and-goldman-hold",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "jim-simonss-famous-math-never-built-renaissance-technologies-a-coding-theorist-s-did-219bb1769228",
    "title": "Jim Simons’s Famous Math Never Built Renaissance Technologies. A Coding Theorist’s Did.",
    "subtitle": "Elwyn Berlekamp bought a failing fund in 1989, rewrote its code using coding theory, and delivered a 55% return the next year.\n\nContinue reading on Medium »",
    "post_date": "2026-09-10T08:42:34Z",
    "url": "https://medium.com/@navnoorbawa/jim-simonss-famous-math-never-built-renaissance-technologies-a-coding-theorist-s-did-219bb1769228",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "reading-banks-as-169113785",
    "title": "Reading a Bank's Own Capital Math as a Risk-Appetite Signal: the Goldman VaR Screen",
    "subtitle": "",
    "post_date": "2026-09-10",
    "url": "https://www.patreon.com/NavnoorBawa/posts/reading-banks-as-169113785",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "coinbase-and-cme-both-just-reopened",
    "title": "Coinbase and CME Both Just Reopened a Product a 2020 Margin Rule Killed",
    "subtitle": "OneChicago died on capital cost, not on demand. Coinbase filed the day after regulators quietly reopened the question of whether that cost is about to change.",
    "post_date": "2026-09-09T13:31:40.157Z",
    "url": "https://navnoorbawa.substack.com/p/coinbase-and-cme-both-just-reopened",
    "alternate_urls": {
      "medium": "https://medium.com/@navnoorbawa/coinbase-and-cme-both-just-reopened-a-product-a-2020-margin-rule-killed-7e983d55141e"
    }
  },
  {
    "source": "medium",
    "slug": "ltcm-bet-1998-was-a-10-sigma-fluke-bridgewater-hedged-it-and-still-lost-052befc03ac5",
    "title": "LTCM Bet 1998 Was a 10-Sigma Fluke. Bridgewater Hedged It and Still Lost.",
    "subtitle": "One fund mispriced the tail. The other priced it correctly and still lost on positioning.\n\nContinue reading on Medium »",
    "post_date": "2026-09-08T15:03:41Z",
    "url": "https://medium.com/@navnoorbawa/ltcm-bet-1998-was-a-10-sigma-fluke-bridgewater-hedged-it-and-still-lost-052befc03ac5",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "mscis-310-million-bid-broke-on-adani",
    "title": "MSCI's $310 Million Bid Broke on Adani Energy While Reliance Absorbed a Bigger One",
    "subtitle": "MSCI's rebalance, priced to $310m. India's new 20-minute auction, priced to nothing.",
    "post_date": "2026-09-07T13:31:40.982Z",
    "url": "https://navnoorbawa.substack.com/p/mscis-310-million-bid-broke-on-adani",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "citadel-and-millennium-run-this-trade-kerkorians-gm-bid-shows-its-blind-spot-feab4e4358d4",
    "title": "Citadel and Millennium Run This Trade. Kerkorian’s GM Bid Shows Its Blind Spot.",
    "subtitle": "A control premium is filed with the SEC before it moves the tape. Ordinary basis risk never is.\n\nContinue reading on Medium »",
    "post_date": "2026-09-07T11:54:03Z",
    "url": "https://medium.com/@navnoorbawa/citadel-and-millennium-run-this-trade-kerkorians-gm-bid-shows-its-blind-spot-feab4e4358d4",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "1-84x-screen-for-168847890",
    "title": "The 1.84x Screen: What GQG's Adani Energy Trade Means for the Next MSCI Rebalance",
    "subtitle": "",
    "post_date": "2026-09-07",
    "url": "https://www.patreon.com/NavnoorBawa/posts/1-84x-screen-for-168847890",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "dealer-vanna-just-hit-a-two-year",
    "title": "Dealer Vanna Just Hit a Two Year Extreme. The BOJ Meets September 18. Here's the Level Where It Flips",
    "subtitle": "The Black Scholes flip level for September 18, worked from six live inputs",
    "post_date": "2026-09-06T18:01:41.874Z",
    "url": "https://navnoorbawa.substack.com/p/dealer-vanna-just-hit-a-two-year",
    "alternate_urls": {}
  },
  {
    "source": "medium",
    "slug": "morgan-stanley-beat-the-model-credit-suisse-trusted-it-and-lost-5-5-billion-6833ba48f5ca",
    "title": "Morgan Stanley Beat the Model. Credit Suisse Trusted It and Lost $5.5 Billion.",
    "subtitle": "Almgren-Chriss prices speed against risk for one trader. It has no term for seven other banks racing the same swap unwind.\n\nContinue reading on Medium »",
    "post_date": "2026-09-06T08:27:49Z",
    "url": "https://medium.com/@navnoorbawa/morgan-stanley-beat-the-model-credit-suisse-trusted-it-and-lost-5-5-billion-6833ba48f5ca",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "secs-15-margin-168735382",
    "title": "The SEC's 15% Margin Floor Decides This Filing. The RIN Tracker That Watches It Move.",
    "subtitle": "",
    "post_date": "2026-09-06",
    "url": "https://www.patreon.com/NavnoorBawa/posts/secs-15-margin-168735382",
    "alternate_urls": {}
  },
  {
    "source": "patreon",
    "slug": "bojs-september-168734873",
    "title": "The BOJ's September 18 Decision: the VIX Call Structure, Sized, With a 13.80 Stop",
    "subtitle": "",
    "post_date": "2026-09-06",
    "url": "https://www.patreon.com/NavnoorBawa/posts/bojs-september-168734873",
    "alternate_urls": {}
  },
  {
    "source": "substack",
    "slug": "deutsche-telekoms-german-business",
    "title": "Deutsche Telekom's German Business Trades at 4.7x. Elliott Just Bought the Stub.",
    "subtitle": "The popular arithmetic sets a 54% equity claim against 100% of consolidated debt. Correcting that halves the gap, and then a harder problem shows up underneath.",
    "post_date": "2026-09-05T13:02:35.931Z",
    "url": "https://navnoorbawa.substack.com/p/deutsche-telekoms-german-business",
    "alternate_urls": {}
  }
]