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Nomura's McElligott Spots A $300 Billion "Coiled Spring" Of "Exotic" Market Chaos

"$300BN autocallable notional, generating impossible amounts of Vega in extremely short-dated paper (I’m not even going to bother putting a number on it), selling multi billions of Gamma per 1% move, a hundred million of Decay generated per day easily..."

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Nomura's McElligott Spots A $300 Billion "Coiled Spring" Of "Exotic" Market Chaos

McElligott (Nomura) identifies a $300B "coiled spring": dovish data drive stocks to records while bonds find no buyers and yield curves steepen. For tech executives, this divergence signals fragile valuations—capital costs rising and growth stocks facing inevitable repricing.

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cryptobriefing.com6 h fa

Nomura's McElligott highlights $300B market chaos potential from autocallable structures

$300B autocallable structures on mega-cap tech plus $269B AI/datacenter debt create a coiled volatility mechanism at barrier levels. Simultaneous unwind by dealers could cascade volatility through equities; standard risk metrics underestimate this mechanical timing risk.

Nomura's McElligott Spots A $300 Billion "Coiled Spring" Of "Exotic" Market Chaos

Nomura's McElligott highlights $300B market chaos potential from autocallable structures

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Nomura's McElligott Spots A $300 Billion "Coiled Spring" Of "Exotic" Market Chaos

Nomura's McElligott highlights $300B market chaos potential from autocallable structures