Djellal Djouad
Financial markets professional and independent researcher in quantitative finance. Co-founder of CrossVol. Signed, first-person notes from the desk on volatility, dealer positioning and cross-asset flow.
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Latest notesAll notes by Djellal Djouad →
basis trade
The Treasury Basis Trade: Mechanics, Current Stress, and the Shared Tail
A desk-level walk through the cash-futures, repo, curve, and breakeven structures, the point-value math that decides who survives a 50bp day, and the tail the basis book shares with dispersion.
2026-09-19
credit
The Vehicle Beside the Balance Sheet: Broadcom, Hyperscaler CDS, and the 60 Billion Dollar Question
2026-08-22
macro
Same Symptoms, Different Disease: why 2026 is not a rerun of 2022
2026-08-20
diesel
Europe's Diesel Winter: the 2026 energy shock every market is pricing except equities
2026-08-08
Brent
Brent
The Complex Voted: Brent Cracked 100 and Every Desk Called It a Spike
2026-07-25
Books
The Coming Shadow Banking Crash: Inside the $3 Trillion Ticking Bomb A financial thriller built on real data: four fault lines converging beneath the $3 trillion private credit market.
2026 Beyond Gamma Exposure: A Four-Lens Framework for Options Traders Who See What GEX Misses A four-lens framework for options traders who see what standard GEX misses. · CrossVol Research, Book 1 of 3
2026 FX Traders vs Brokers: Vanilla and Exotic Options, Forwards, and Other OTC Structures: What Retail Traders Never See Vanilla and exotic options, forwards, and the OTC structures retail traders never see. · CrossVol Research, Book 2 of 3
2026 The China AI Disruption Thesis: Why The Sell-Side Is Six Months Late On AI Infrastructure Why the sell side is six months late on AI infrastructure. · CrossVol Research, Book 3 of 3
2026 CrossVol Research Series of three books on Amazon.
SeriesWorking papers
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Research & elsewhere
The Crash Fuse Is Lit: Oracle, Bessent, the Yen and Quarter EndOracle's force majeure, a 237 bp CDS, SoftBank's ARM margin loan, Japanese repatriation and Bessent's strong yen push all meet at the September 30 quarter end.
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