Djellal Djouad
金融市场专业人士、量化金融独立研究员。CrossVol 联合创始人。 Signed, first-person notes from the desk on volatility, dealer positioning and cross-asset flow.
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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
资产负债表旁的载体：Broadcom、超大规模云厂商CDS，以及600亿美元之问
2026-08-22
macro
相同的症状，不同的疾病：为什么2026年不是2022年的重演
2026-08-20
diesel
欧洲的柴油之冬：2026年这场能源冲击，除股市外每个市场都已在定价
2026-08-08
Brent
Brent
整个板块投了票：Brent突破100，而每一张交易台都称之为一次尖峰
2026-07-25
书籍
The Coming Shadow Banking Crash: Inside the $3 Trillion Ticking Bomb 一部基于真实数据的金融惊悚小说：四条断层线正在3万亿美元的私募信贷市场之下汇聚。
2026 Beyond Gamma Exposure: A Four-Lens Framework for Options Traders Who See What GEX Misses 为发现标准 GEX 所遗漏内容的期权交易员提供的四镜头框架。 · CrossVol Research, 第1册，共3册
2026 FX Traders vs Brokers: Vanilla and Exotic Options, Forwards, and Other OTC Structures: What Retail Traders Never See 香草和奇异期权、远期合约以及散户交易者从未见过的场外结构。 · CrossVol Research, 第2册，共3册
2026 The China AI Disruption Thesis: Why The Sell-Side Is Six Months Late On AI Infrastructure 为何卖方在AI基础设施上落后六个月。 · CrossVol Research, 第3册，共3册
2026 CrossVol Research 在 Amazon 上出版的三册系列丛书。
系列工作论文
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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