Djellal Djouad
Independent Researcher in Quantitative Derivatives. Founder of CrossVol Research.
MPRA 129365 (BGE) · 129363 (CAID) · 129364 (FXTvB)
Amazon Author amazon.com/stores/Djellal-Djouad · Google Scholar wOlMWVYAAAAJ
Latest notes
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Hormuz, the CPI Print, and Japanese Repatriation: The Risk Confluence of 14 July 2026
Trump reimposes a full naval blockade at the Strait of Hormuz and Brent trades above 85 dollars for the first time in a month. July Fed hike odds jump from under 10 per cent to roughly half. And a quiet structural shift in Japanese capital flows threatens the marginal bid for Treasuries. From the desk, three separate stories are converging into one trade. Published 14 July 2026 by Djellal Djouad.
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The Rotation Trade Goes Granular: Small Caps, Equal-Weight, and Chips to Hyperscalers into Q2 Earnings
The rotation beneath US equities has not stopped, it has gone granular. Small caps lead the S&P 500 by the widest margin since 2003, the equal-weight index is beating the cap-weight, and inside tech the crowd is rolling from chips into hyperscalers. From the desk, this is churn without a directional break, and Q2 earnings is the anchor that decides it. Published 13 July 2026 by Djellal Djouad.
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Oil Market Update, 13 July 2026: Hormuz Escalation, a Bullish Skew, and the Return of the War Trade
WTI back near 74 dollars and Brent near 79 after a fresh weekend of US-Iran strikes. One-month call skew is trading roughly 18 vols over puts on both benchmarks. From the desk, the options market is pricing a hard Hormuz closure as a live tail, not a remote one, while Kuwait quietly slashes its selling prices. Published 13 July 2026 by Djellal Djouad.
About
Independent researcher on cross-asset derivatives. Author of five books and two working papers on options market microstructure, FX volatility, AI infrastructure economics, and the systemic footprint of private credit.
Research lines: dealer positioning beyond standard Gamma Exposure, FX volatility under regime shifts, AI capex and electricity constraints, and convergent fault lines in private credit and Bermuda-domiciled reinsurance.
Affiliated with CrossVol Research. Editorial output appears on CrossVol Research and across Amazon, Zenodo, Academia.edu, OSF, and SSRN.
Books
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The Coming Crash: Inside the $3 Trillion Shadow Banking Ticking Bomb
Field study of four convergent fault lines in private credit, BDCs, AI capex, and Bermuda reinsurance.
ASIN B0H4HMVSMR
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Beyond Gamma Exposure
A four-lens framework for options traders who see what standard GEX misses.
ASIN B0H2QSF3X1 · DOI 10.5281/zenodo.20509786
View details · Amazon · Zenodo · Academia
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The China AI Disruption Thesis
Why the sell side is six months late on the China AI cycle.
ASIN B0H11WH3R9 · DOI 10.5281/zenodo.20509815 · Google Books ID GGjiEQAAQBAJ
View details · Amazon · Zenodo · Academia · Read excerpt on Google Books (p. 106)
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FX Traders vs Brokers
Vanilla and exotic options, forwards, and the OTC structures retail traders never see.
ASIN B0GX31WB5F · DOI 10.5281/zenodo.20509707
View details · Amazon (Kindle) · Amazon (Paperback) · Zenodo · Academia
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CrossVol Research
The manifesto. How a derivatives desk reads markets through four lenses.
ASIN B0H3LH6D1W
Working papers
SocArXivPodcast
The Djellal Djouad show. Short episodes on derivatives positioning, FX flow, and macro pivots.
Profiles
- ORCID 0009-0002-4911-1118 · canonical entity
- MPRA (Munich Personal RePEc Archive) · Beyond Gamma Exposure (129365) · The China AI Disruption Thesis (129363) · FX Traders vs Brokers (129364)
- Crunchbase
- Amazon Author Central
- GitHub
- Medium
- Substack
- Hashnode
- LiveJournal
- YouTube
Contact
Research enquiries and press: LinkedIn ou X / @DjouadDjellal.