The Casino Enters "Peak Complexity"

Options on Bitcoin Futures? That's...serious leverage

Finance hasn’t been simple for a long time. Starting more or less in the 1980s, traditional instruments like stocks and bonds were joined by futures, options, private equity, junk bonds, and bespoke derivatives like credit default swaps.

“Quants” now build “black box” trading algorithms to arbitrage the relationships between these things, and clients pl…