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  Block Trades S&P/Case-Shiller Home Price Index (CME) FUT | OPT

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  Block Trades Temperature (CME) U.S. Cooling Monthly FUT | OPT U.S. Cooling Seasonal FUT | OPT U.S. Heating Monthly FUT | OPT U.S. Heating Seasonal FUT | OPT U.S. Weekly Weather FUT | OPT Canada CAT Monthly FUT | OPT Canada CAT Seasonal FUT | OPT Canada Cooling Monthly FUT | OPT Canada Cooling Seasonal FUT | OPT Canada Heating Monthly FUT | OPT Canada Heating Seasonal FUT | OPT Europe CAT Monthly FUT | OPT Europe CAT Seasonal FUT | OPT Europe Heating Monthly FUT | OPT Europe Heating Seasonal FUT | OPT Asia-Pacific Monthly FUT | OPT Asia-Pacific Seasonal FUT | OPT Australia Cooling Monthly FUT | OPT Australia Cooling Seasonal FUT | OPT Australia Heating Monthly FUT | OPT Australia Heating Seasonal FUT | OPT	Hurricanes (CME) Hurricane FUT | OPT Hurricane Seasonal FUT | OPT Hurricane Seasonal Maximum FUT | OPT Frost (CME) Frost Monthly FUT | OPT Frost Seasonal FUT | OPT Snowfall (CME) Snowfall Monthly FUT | OPT Snowfall Seasonal FUT | OPT Rainfall (CME) Rainfall Monthly FUT | OPT Rainfall Seasonal FUT | OPT

The Three P's: Population, Property Rights, and Policy Constraints

In these challenging times, one thing seems certain: the status quo is not sustainable. When a large number of market participants believe that statement and apply it to the prices of many different types of exposures there are going to be challenges. The expectations process that underlies market behavior is highly likely to exhibit abrupt changes in correlation structures and dynamically shifting levels of volatility in addition to some sharp movements in prices.

This spells big trouble for financial risk management, argues for greater use of options to manage volatility risk, suggests more attention has to be paid to counterparty risk, and challenges some of the critical assumptions embedded deeply into quantitative methods for analyzing risks and constructing portfolios.